Colombian and Caribbean central banks hold rates

Banrep board ignores government’s call for cut, while Jamaica and Dominican Republic also hold

Central America and Caribbean Islands

Colombia: The Central Bank of Colombia’s (Banrep) board voted by a split decision to hold its policy rate at 13.25% at its September 29 monetary policy meeting.

Five of Banrep’s seven-member board of directors voted in favour of the hold. The minority voted for a 25 basis point cut.

In its statement, the board cited continuing high inflation. Though headline and core inflation are falling, the figures for August were 11.4% and 9.9% year on year. The inflation target is 3%, plus or minus 1%.


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