Colombia Holds Rates

Colombia’s central bank has elected to keep the country’s benchmark rate unchanged at 4.75%, it says. The bank highlights that exports are slowing down due to weaker external demand, and that inflation expectations are well anchored around the 3.0% target. “The Colombian economy will continue to decelerate in the coming months. For this reason, we continue to forecast an additional cut of 25bp to leave the policy rate at 4.50% by year end,” Nomura says.