Colombia's central bank held its benchmark interest rate unchanged on Friday as policymakers attempt to quell stubbornly high inflation even as economic growth slows. The seven-member board voted unanimously to maintain the lending rate at 7.75 percent for a third month after raising it 325 basis points over the course of a year to ease inflationary pressure.
The bank has sought to ease inflation even as economic growth slows amid a slump in crude oil prices. The bank on Friday cut its economic growth estimate for the year to 2 percent from 2.3 percent. Consumer prices have begun to fall after reaching nearly 9 percent in July.