Colombia raises policy rate for first time since 2016
Board forecasts inflation will be above target band for the rest of this year
The governing board of the Colombian central bank voted for its first policy rate raise since 2016, passing a 25 basis point increase.
The decision brings the rate to 2%. The seven-member board unanimously backed the rate increase but split on its size when it voted on September 30. Four members favoured raising the rate by 25bp, with the other three preferring a sharper increase of 50bp.
The Bank of the Republic’s board cited strong growth figures and above-target inflation in making its
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