LatinNews Daily - 31 March 2023

In brief: Colombia raises interest rates

* Colombia’s central bank (Banrep) has raised the benchmark interest rate by 25 basis points to 13% in an attempt to bring down inflation, which in February stood at an annual rate of 13.28% and a monthly rate of 1.66%. In a statement, Banrep highlighted signs that “the inflation rate is approaching its ceiling”, citing a decline in annual food inflation between December and February and increasingly positive forecasts from economic analysts. Banrep emphasised that monetary policy decisions will continue to be focussed on bringing inflation toward the 3.0% target.

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