Colombia Lifts Key Rate to 21-Year High Against Petro’s Wish
- Policy makers increased the benchmark interest rate to 11%
- President Petro says the interest rate rises hurt growth
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Colombia’s central bank ignored complaints from President Gustavo Petro and raised interest rates to the highest level in more than two decades, while also deciding against intervention in the currency market.
The bank lifted its benchmark rate by one percentage point to 11%, after the peso plunged and foreign investors dumped the nation’s bonds.