Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By CentralBankNews.info (Reporter)
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

Colombia cuts rate 5th month in a row to boost activity

Friday, July 31, 2020 16:25

% of readers think this story is Fact. Add your two cents.

Colombia’s central bank cut its benchmark interest rate for the fifth time this year, saying the balance of risks suggest it is appropriate to provide an additional boost the economy and the impact of monetary policy will be greater if the conditions associated with the COVID-19 pandemic allow for a gradual reopening of different economic sectors.

The Central Bank of Colombia cut its main interest rate by another 25 basis points to 2.25 percent and has now cut it by 200 points this year following earlier cuts in March, April, May and June.

The central bank’s board noted that inflation in June had decelerated to 2.19 percent from 2.85 percent in May and inflation expectations are continuing to decline, with the rate below the central bank’s target of 3.0 percent.

Aggregate demand in the economy is weaker than expected, the bank said, adding spare capacity is high and the labor market is deteriorating within the context of global economic uncertainty.

But financial market conditions have improved since the start of the pandemic, with the abundant liquidity in global and local markets reflected in lower sovereign risk premia and foreign exchange volatility.

Colombia’s economy shrank 2.4 percent in the first quarter of this year from the previous quarter and the government has forecast 5.5 percent contraction this year. Year-on-year the economy grew 1.1 percent in the first quarter.

Colombia’s peso fell sharply in March against the U.S. dollar, as most other currencies, and then bounced back from April until mid-July.

Since then, it has eased and fell further today to trade at 3,732.8 to the dollar today, down 12 percent this year.

www.CentralBankNews.info

Source: http://www.centralbanknews.info/2020/07/colombia.html

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).

Comments

Online:
Visits:	1,603,923,877
Stories:	8,151,755