Colombia Holds Policy Rate at 4.5% as Peso Slumps to Record

Colombia’s central bank kept borrowing costs unchanged for a 12th month as a worsening growth outlook prevented policy makers from acting to curb above-target inflation.

The seven-member board voted in a split decision to hold the benchmark rate at 4.5 percent, central bank Governor Jose Dario Uribe told reporters Friday in Bogota. The decision was forecast by 34 of 38 analysts surveyed by Bloomberg, with the others predicting a quarter percentage-point increase.