Colombia keeps interest rate at 3%, sets inflation target for 2011

By Richard Connell

New York, Nov. 19 - The board of the Banco De la Republica Colombia held its benchmark interest rate at 3% at its meeting on Friday, according to a news release issued by the bank.

The board of the central bank of Colombia noted that inflation in October stood at 2.31%, slightly higher than the previous month but below earlier expectations.

The domestic economy of Colombia has shown signs of strengthening, led by consumer confidence, high terms of trade and increased business investment.

Looking forward, the board forecast growth in 2011 to be close to 4½%, similar to that of 2010.

The board also defined its inflation target for 2011 as a range of 2% to 4%, with 3% the target point for legal purposes. The latest projections show inflation at a level near the lower limit of the range by the end of 2011.

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