Andean Group - May 2023

COLOMBIA | Interest rate hike. On 28 April, Colombia’s central bank (BCR) raised the benchmark interest rate by 25 basis points to 13.25%. In a statement explaining its decision, the BCR noted that whilst inflation is now “relatively stable”, it remains significantly above the target rate of 3%. In March, annual inflation stood at 13.34% while monthly inflation was 1.05%. The BCR announced a slight reduction in its 12-month inflation forecast, which it lowered to 7.0% – down from 7.2% last month.

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