*Colombia’s central bank (Banrep) has cut its benchmark interest rate by 50 basis points to 9.75%. This follows previous cuts of 50 basis points in August, July, June, April, and March. In a statement explaining its decision, Banrep noted that annual inflation fell to 5.8% in September, down from 6.1% in August. However, it added that “the peso’s exchange rate against the dollar has been showing successive increases, which if they become persistent could cause upwards pressure on inflation”. Banrep said that “this would reduce the manoeuvring room to continue with the relaxation of monetary policy at the same rhythm that it has been done until now”.
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