The Banco de la Republica Colombia increased its benchmark interest rate by 25 basis points to 3.25% from 3.00%. Colombia saw inflation spike to 3.4% driven by rising food prices as a result of torrential rains, placing inflation in the upper range of the Bank's 2011 consumer price inflation target range of 2% to 4%. Central Bank Chairman Jose Dario Uribe noted that the Colombian economy is likely to expand at a pace of 4.5% this year, and also commented that at current levels monetary policy is still at stimulatory levels, but it is prudent to start to remove some stimulus.
www.CentralBankNews.info
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