* Colombia’s central bank (Banrep) has reduced its benchmark interest rate by 50 basis points, from 3.75% to 3.25%, as part of its efforts to boost the country’s economy in the face of the coronavirus (Covid-19) pandemic.
This is the second consecutive month in which Banrep has cut interest rates, which had stood at 4.25% before the pandemic. According to the most recent forecast from the United Nations Economic Commission for Latin America and the Caribbean (Eclac), Colombia’s economy is expected to contract by 2.6% in 2020. This is a considerable step down from Eclac’s previous prediction of 3.5% growth for Colombia this year but is still well above the 5.3% contraction forecast for Latin America and the Caribbean as a whole.
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