Colombia leaves benchmark rate unchanged at 10%

By Richard Connell

New York, Nov. 21 - The Board of Directors of Colombia's Banco de la Republica left the benchmark interest unchanged at 10% at its meeting on Friday.

The board set its inflation target for 2009 for 4.5% to 5%, with 4% the goal for 2010 and a longer term goal of 3%, plus or minus 1%.

However the board pointed out that recent rises in food prices, as well as the prices of other goods and services had led to a substantial rise in inflation.

The majority of the board concluded that based upon the forecast for lower inflation, the best decision was to leave the benchmark rate unchanged at 10%.

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