Monday, January 31, 2011

Central Bank of Colombia Holds Rate at 3%

The Central Bank of Colombia held its benchmark interest rate unchanged at 3% but noted that it may begin to "gradually withdraw the monetary stimulus" if inflation rises beyond its target range. Colombia recorded inflation of 3.17% in 2010, which was inside the Bank's target band of 2% to 4% inflation. Food prices increased late last year as torrential rains had an adverse impact on supply, and caused billions of dollars worth of damage.


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