Colombia Leaves Key Policy Rate on Hold in December

At its December 20th meeting, Central Bank of Colombia decided by a unanimous vote to leave the benchmark interest rate unchanged at 3.25 percent, as the economy is improving.

The Board said that Colombian third quarter economic growth was better than estimated, mainly due to higher construction. For the fourth quarter of 2013, indicators of consumer confidence, economic expectations, retail and auto sales, suggest that household consumption grows apace. 

Policymakers maintained their growth estimates for all 2013 (between 3.5 percent and 4.5 percent), with 4.1 percent as more likely figure. This means that economic growth in the second half will be considerably higher than that observed in the first. 

Joana Taborda |
12/20/2013 7:14:25 PM