Colombia cuts rates to record low of 2.25%
Central bank has revised down GDP growth to a range between -6% and -10% for 2020
Central Bank of Colombia board directors unanimously decided to cut rates by 25 basis points to a new record low of 2.25% on July 31.
The decision reflects Colombia’s worsening economic outlook. The central bank revised down its economic forecast: it now expects GDP to contract 6–10%. Previously it expected a recession of between 2% and 7%.
Below-target inflation, at 2.19% in June versus the target of 3%, and weaker demand than previously forecast are the key factors behind the decision.
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