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Colombia Raises Key Rate to 5-Year High in Split Decision

  • Policy makers lift benchmark rate one percentage point to 6%
  • Three of the seven board members voted for a bigger increase
Updated on

Colombia’s central bank raised interest rates to a 5-year high in a split decision to curb soaring inflation in the fast-growing economy.

The bank lifted borrowing costs by one percentage point to 6%, Governor Leonardo Villar told reporters after the meeting on Friday. The move was in line with expectations, but three of the seven member-board voted for a bigger increase, of 1.5 percentage point.