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Colombia raises key rate to 4.25 percent

Friday, August 1, 2014

Colombia’s central bank raised its overnight lending rate for a fourth straight month as policy makers withdraw stimulus in Latin America’s fastest growing economy.

In a split decision, the seven-member board lifted the policy rate a quarter point to 4.25 percent, bank Governor Jose Dario Uribe said.

While Mexico, Chile and Peru have lowered borrowing costs as growth slows, Colombian policy makers in April began increasing the key rate after the economy expanded at its fastest pace in more than two years in the first quarter.

Source: Bloomberg