Since When Have Interest Rates Not Been This High in Colombia? This is What the Bank of the Republic Says

Monetary policy in the country would continue to tighten throughout the year. Photo: Image generated with artificial intelligence.

Since When Have Interest Rates Not Been This High in Colombia? This is What the Bank of the Republic Says

TL;DR

  • The Bank of the Republic raised its interest rate by 100 basis points to 11.25% on March 31st.
  • This is the highest interest rate in Colombia since April 1995.
  • The decision was made to combat rising inflation, which stood at 5.4% in January and 5.3% in February.
  • The Finance Minister, Germán Ávila, heavily criticized the rate hike, calling it disproportionate, irresponsible, and incoherent.
  • Ávila's strong opposition and departure from the board meeting signify a significant rift between the government and the central bank.

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