Colombia says tightening cycle may be nearing end

Banco de la Republica
Rachael King

The Central Bank of Colombia raised its policy rate by 75 basis points on January 27, to 12.75%, continuing a cycle of 12 straight increases begun in September 2021. However, policy-makers said the rate is now near its peak.

The central bank’s seven-member board split 5–2 on the scale of the rate hike, with the minority backing a 25bp move.

In its statement, the board said: “With today’s decision, monetary policy is close to the stance required to induce a convergence of inflation toward its 3

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