The minutes of the Central Bank of Colombia's board of directors' July 27 meeting, released on August 10, revealed disagreement between board members over the reduction of the country's benchmark interest rate.

The rate was eventually lowered by 25 basis points to 5% at the meeting, but some members believed a 50bp reduction to be more appropriate.

The larger reduction was suggested in response to the greater international economic deterioration than was foreseen, the minutes said. Domestically