Colombia cuts key rate to kick-start economy

Colombia's central bank unexpectedly cut its key lending rate on Friday by 50 basis points in an effort to boost a sluggish economy, though policymakers were divided over the size of the reduction as inflation remained above target.

The seven-member board reduced the rate to 5.75 percent, meeting expectations of nine of 22 analysts in a Reuters survey published last week.

The other 13 had predicted a cut of 25 basis points.

Source: Reuters