Colombia keeps benchmark interest rate at 3%

By Richard Connell

New York, Dec. 17 - 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 November stood at 2.59%, higher than one month prior and higher than forecasts, due to temporarily increased food prices as a result of weather conditions.

Looking forward, the board anticipates inflation to increase slightly but to remain near or below the midpoint of the target range.

The board forecast the economy of Colombia to continue its positive recovery, due to strong domestic demand, a recovering job market and renewed investor confidence.

The board kept the interest rate unchanged, stating the current level of 3% had contributed to economic growth without 'compromising the achievement of the inflation target.'

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