Colombia reduces rates as economy faces sharp recession

The Central Bank of Colombia has reduced interest rates in a bid to offset the sharp recession the country is likely to experience over the coming quarters.

The institution’s executive board unanimously decided to reduce the policy rate by 50 basis points to 3.25% after its policy meeting on April 30. This follows the 50bp rate cut implemented in March, the launch of bond purchases and the reduction of banks’ reserve requirements.

In a press conference, governor Juan José Echavarría stressed

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