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Colombia trims rates for first time since 2010

Monday, July 30, 2012

Colombia cut interest rates for the first time since 2010 after policy makers were surprised by the economy’s loss of momentum amid Europe’s debt crisis.The seven-member board, led by bank chief Jose Dario Uribe, voted to cut the overnight lending rate by a quarter point to 5 percent, matching the forecast of 11 analysts surveyed by Bloomberg.

“The economy is decelerating, and all the leading indicators show signs of cooling down, while the inflation risk is really benevolent,” Camila Estrada, the chief analyst at Bogota-based Helm Bank SA, said in an interview.

Source: Bloomberg