LatinNews Daily - 03 August 2020

* Colombia’s central bank (Banrep) has reduced its benchmark interest rate by 25 basis points, from 2.5% to 2.25%, in an attempt to support the country’s economic recovery. This is the fifth consecutive month in which interest rates have been cut, down from 4.25% in March, and Banrep manager, Juan José Echavarría, noted that this is now the lowest rate since 1991. In light of the coronavirus (Covid-19) pandemic, Banrep’s technical team is currently expecting Colombia’s GDP to fall by between 6% and 10% in 2020, a more pessimistic prediction than the 5.5% contraction forecast by the government.

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