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Latinnews Daily - 30 January 2018

In brief: Colombia

Colombia: The central bank's board of directors has decided to reduce the benchmark interest rate by 25 basis points to 4.5%. However, a statement noted: “With the information available, the board considers that the reduction cycle of the interest rate has been completed”. Reasons cited for the cut include the fact that in December 2017 yearly inflation fell less than expected, reaching 4.09%, with inflation and core inflation “expected to decrease in the coming months, partly due to the dissipation of the effects of the increases in indirect taxes at the beginning of last year”. The statement also notes that “external demand continues to recover, driven by developed economies and by the major emerging economies” and oil prices have increased again, reaching levels higher than the averages registered in the last two years. According to the statement, if this trend continues Colombia’s “terms of trade would continue improving and, together with the better dynamics expected from external demand, would continue to favour the recovery of the country’s external income”.

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