Colombia cuts rates to record low
On-target inflation allows central bank to provide stimulus as economy faces sharp recession
The Central Bank of Colombia cut rates to a new record low on May 29 in a bid to reduce the negative impact of Covid-19 on the South American economy.
The executive board lowered the policy rate by 50 basis points to 2.75%. Five of the seven members of the committee voted in favour of the measure, while the other two members voted for a 25bp rate cut.
“We are responding to the drop in inflation and its estimates, to falling growth, to rising unemployment, to what the country is experiencing in
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