LatinNews Regional Monitor: Andean Group - 30 March 2020

* Colombia’s central bank (Banrep) has reduced its benchmark interest rate by 50 basis points, from 4.25% to 3.75% – the lowest rate since April 2014 – in an effort to stimulate the economy amid the negative impact of the coronavirus (Covid-19) pandemic. Banrep governor, Juan José Echavarría, said that the bank has not yet amended its economic growth projections for 2020, but that this figure will be far lower than the government’s GDP forecast of 3.7%, or Banrep’s initial projection of 3.3%.

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