Colombia Raises Rate To 7.75%

Colombia’s Central Bank raised the benchmark interest rate a further 25bp Friday, from 7.50% to 7.75%, to stave off inflationary pressures, according to analysts. Last month, against market expectations, the Bank raised the benchmark interest rate to 7.50% from 7.25%, saying it was moving to slow growth in the country. The Central Bank is targeting inflation of between 3.5% and 4.5% this year.