Colombia holds rates and shores up reserves by $2bn
Central bank says move to purchase dollars from government ensures it can weather potential shocks
The Central Bank of Colombia (Banrep) has held its benchmark rate at 12.25% in a split decision amid softer economic growth and accelerating inflation.
On October 30, four board directors voted in favour of the decision while three voted for a 25 basis point hike. In a statement, the central bank said the decision supported a “restrictive monetary policy” consistent with its projection of reducing inflation in 2027.
The move did not come as a surprise to the markets. Seventeen of the 31 analysts
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