February 3, 2014
Colombia’s central bank held rates at 3.25% on Friday, in line with market
Colombia’s central bank held rates at 3.25% on Friday, in line with market expectations. BanRep pointed to the global recovery and potentially rising international funding costs, as well as the peso’s depreciation against the dollar in its decision. Colombia’s peso, which traded at fewer than 1,800 to the dollar a year ago, was at 2,008 on Friday. BanRep’s last cut was in March, when the central bank lowered rates by 50bp, surprising some who had expected a 25bp cut.