Colombia eyes two key rate cuts before year-end, finance minister says

  • 📰 Investingcom
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

Colombia eyes two key rate cuts before year-end, finance minister says

© Reuters. FILE PHOTO: Colombian Finance Minister Ricardo Bonilla, speaks during a press conference in Bogota, Colombia May 5, 2023. REUTERS/Luisa Gonzalez/File photoMARRAKECH - Colombian Finance Minister Ricardo Bonilla said on Saturday his ministry was working with the central bank towards cutting its benchmark interest rate from 13.25% to 13% at October's policy meeting, with another reduction seen before year-end.

The central bank held the key rate steady at 13.25% in September for the third time in a row, citing stubborn inflation. Bonilla said inflation was set to reach 9.2% at the end of 2023.Two members voted for a borrowing cost decrease at the board's September meeting, though the bank does not reveal how each member voted. Five members voted in September to keep borrowing costs at 13.25%.

Colombia's consumer prices rose by 0.54% in September, taking cumulative 12-month price growth to 10.99%. That was down from highs in 2022, but still more than double the central bank's long-term target of 3%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 450. in BUSİNESS

Business Business Latest News, Business Business Headlines