LatinNews Daily - 30 September 2022

In brief: Colombia hikes interest rates

* Colombia’s central bank (Banrep) has raised the benchmark interest rate by 100 basis points to 10.0%, the highest level in 14 years. In a statement, Banrep noted that annual inflation in August stood at 10.8% – slightly higher than the 9.9% that the bank had forecast – and said that “inflation forecasts for the medium term have increased and are far from the target of 3%”. Despite the concerns over inflation, Banrep emphasised that Colombia’s growth trajectory remains strong; it raised its GDP forecast for 2022 from 6.9% to 7.8%, but adjusted the 2023 growth forecast down from 1.1% to 0.7%.

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