The Central Bank of Colombia's last change was an increase of the interest rate by 25 basis points to 4.50% at its July monetary policy meeting this year, following a 25bp increase in June. Colombia reported annual inflation of 3.73% in September, compared to 3.27% in August, 3.42% in July, 3.23% in June, 3.02% in May, and 2.84% in April; which compares to the Bank's inflation target of 3% (+/- 1%). Goldman Sachs had previously forecast 2011 GDP growth at 5.5%, while Morgan Stanley had forecast just 4.9% growth for the Colombian economy.
Colombia reported annual GDP growth of 4.8% in the June quarter and 5.1% in the March quarter, while the bank said the 2011 full year forecast of 4.5% - 6.5% is highly probable. The Colombian peso (COP) has weakened about 1% against the US dollar so far this year, while the USDCOP exchange rate last traded around 1,950.5