Colombia's inflation outlook has improved, but it is still forecast at above a target of 3.5 percent and 4.5 percent for 2007, although some central bank directors have proposed delaying any interest rate hike until August, according to minutes of a bank meeting in July.
Investors are looking to the minutes of the bank's meeting to gauge whether directors will continue with a current policy of hiking interest rates to curb inflationary pressures amid strong economic growth.
A recent central bank poll showed analysts expect August inflation should slow to 0.12 percent compared with 0.39 percent in the same month a year earlier. Inflation for the first seven months of the year is already at 4.72 percent.
The bank has raised its key interest rate by 25 basis points to 9.25 percent as it tried to curb inflation as the gross domestic product expands rapidly. It was the eighth consecutive month the bank has hiked its interest rates.