LatinNews Daily - 01 November 2021

In brief: Colombia hikes interest rates as GDP forecast raised

* Colombia’s central bank (Banrep) has raised the country’s interest rate by 50 basis points to 2.5%. Explaining its decision, a Banrep statement highlighted that the 4.51% annual inflation recorded in September was higher than expected, and that year-end inflation is now expected to reach 4.9% - significantly higher than the 3% target. The interest rate hike was accompanied by a revised forecast of GDP growth for 2021, with Banrep now predicting 9.8% growth in 2021 (up from a forecast of 8.6% last month). Banrep Governor Leonardo Villar said that, with Colombia’s economy rebounding faster than expected from the impacts of the coronavirus (Covid-19) pandemic, interest rate increases are likely to continue into next year.

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