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Colombia pegs interest rate amid stimulus package

Monday, April 29, 2013

Colombia kept borrowing costs unchanged for the first time in six months as policy makers seek to evaluate the combined effects of Latin America’s lowest interest rate and the government’s fiscal stimulus.

Colombia has cut its policy rate by 2 percentage points over the last year, the most among major Latin American economies.

As industry continued to weaken, the government of President Juan Manuel Santos this month announced a $2.7 billion stimulus plan, of which $900 million will be spent in 2013.

Source: Bloomberg