*Colombia’s central bank (Banrep) has lowered its benchmark interest rate by 50 basis points to 11.25%. This followed previous cuts of 50 basis points in April and March. In a statement explaining the decision, Banrep noted that annual inflation remained unchanged in May at 7.2%. The average year-end forecast for annual inflation by analysts surveyed by the bank in June has fallen from 4.6% to 4.3%, and is expected to remain above Banrep’s 3% target until the end of 2025, when the analysts predicted it to stand at 3.8%. All six members of Banrep’s executive board were in favour of cutting the interest rate, with four members voting for the reduction of 50 basis points and two members voting for a larger reduction of 75 basis points.
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