Colombian tightening cycle nearing the end

Colombian policymakers increased interest rates by 25bp to 4.50% on Friday but we think that the current tightening cycle is drawing to a close. The pace of economic growth is likely to slow over the coming quarters, while inflation is unlikely to breach the central bank’s 2-4% target range. We are forecasting just one more 25bp hike to 4.75% in the current tightening cycle.

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