BANREP turns more hawkish, but rate hikes likely to be gradual

The Central Bank of Colombia (BANREP) held interest rates at 3.0% last night, as expected. But the accompanying statement was more hawkish than in previous. There is a risk that interest rates will begin to rise sooner than we currently expect, but even so, the fundamental challenge of dealing with Dutch Disease remains unchanged and we continue to think that rate hikes will be gradual.

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