Colombia Unexpectedly Raises Interest Rate to 3.5%

At its April 25th meeting, Central Bank of Colombia increased the benchmark interest rate to 3.5 percent due to higher inflation and improving economy.

In the fourth quarter of 2013, Colombian economy expanded 4.9 percent over the same period last year, slightly lower than a 5.4 percent expansion in the previous quarter. For the full 2013, it was 4.3 percent, up from 4 percent in 2012.

Inflation is also picking up. Through March, annual consumer inflation was 2.5% compared with 2.3% at the end of February and 1.9% at the end of March 2013.

Central Bank of Colombia |
4/25/2014 11:01:31 PM