Central Bank reduces benchmark interest rate to 1.75%

With a 4 to 3 vote, the board of directors of the Colombian Central Bank made the decision to reduce its benchmark interest rate again to 1.75 percent, the lowest historical level, due to the severe effects of the coronavirus pandemic caused in the economy. “The technical team of Banco de la República estimates that the economy will contract between 6 percent and 10 percent in 2020, “the board said in a statement.

Source: El Tiempo