LatinNews Daily - 30 January 2023

In brief: Interest rates raised in Colombia

* Colombia’s central bank (Banrep) has raised its benchmark interest rate by 75 basis points to 12.75%. The rate hike comes amid rising inflation that reached a yearly rate of 13.12% in December, and a monthly rate of 1.26%. A Banrep statement said that following the latest rate hike, “monetary policy is close to the stance required to induce a convergence of inflation towards its 3.0% target in the medium term.” The bank predicted an easing of inflation this year, noting that “the pace of credit growth has slowed, which favours a moderation in domestic demand, and therefore inflationary pressure in 2023”.

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