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Colombia's central bank raises benchmark interest rate to 10%

Colombia's central bank raises benchmark interest rate to 10%

Colombia's central bank board raised the benchmark interest rate by 100 basis points to 10% on Thursday, as inflation pressures and robust domestic consumption endure and central banks around the world boost rates.
The board was divided on how sharply to increase the rate, with six policymakers backing the 100-point increase and one voting for a softer 50-point uptick.

The bank raised its growth expectation for this year to 7.8% from 6.9% previously, but lowered its gross domestic product expansion prediction for next year to 0.7% from 1.1% previously.

Eight of the 17 analysts polled in a Reuters survey last week forecast the bank would raise borrowing costs by 100 basis points, while another eight expect a hike of 150 basis points - as in previous meetings. Another analyst predicted a 125-point rise.
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