Colombia orders ninth consecutive rate increase

Inflation rises above central bank projections as finance minister expresses frustration

Banco de la Republica
Central Bank of Colombia branch in Cartegena
Rachael King

The board of Colombia’s central bank raised its policy rate by 100 basis points on September 29, bringing it to 10%.

This is the ninth consecutive increase in a year. The central bank has now tightened the rate by 825bp from the level of 1.75% it maintained throughout the height of the Covid-19 pandemic.

In its statement, the central bank said six of the seven members of the board of directors voted for the 100bp rise. The seventh backed a 50bp increase.

The central bank said it was

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