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Colombia bucks emerging markets trend on rates

Monday, July 2, 2012

Colombia's central bank left its benchmark interest rate steady for a fourth straight month on Friday as it gauged the impact of slowing world growth and Europe's debt crisis on the local economy, where inflation remains under control.

In a majority decision, the seven-member board, led by Jose Dario Uribe, held the overnight rate at 5.25 percent.

At least one policymaker and business leaders have indicated in recent weeks they want a cut in borrowing costs, which would bring the country more in line with other emerging markets.

Source: Reuters