Colombian interest rates still likely to fall this year

The Central Bank of Colombia (BANREP) last night surprised the market once again by hiking interest rates by 25bps to 5.0%. But while this latest decision has cast some doubt over view on interest rates will be reduced, we continue to expect a deterioration in the global economy to weigh on Colombian growth this year. If we are right, interest rates may still be cut by 75bps or so by year-end.

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