In a move that surprised market watchers, Colombia's central bank decided to maintain its benchmark interest rate at 9.50% on Friday. The market had anticipated a second consecutive 25 basis point cut.
The decision received support from five members of the seven-member board. One member voted for a cut of 25 basis points, while another member advocated for a 50 basis point reduction.
Earlier in the week, a poll had shown that 16 out of 23 analysts expected the central bank to lower its benchmark interest rate by 25 basis points to 9.25%. Five analysts predicted the central bank would keep rates steady, while one analyst forecasted a 50-basis-point cut and another anticipated a 75-basis-point cut.
