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Colombian central bank may cut rate in 2018 depending on inflation forecasts

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Colombian central bank may cut rate in 2018 depending on inflation forecasts

Colombia's central bank may reduce its benchmark interest rate further in 2018 if inflation expectations move closer to the midpoint of its 2% to 4% target range, Banco de la República board member Adolfo Meisel told Reuters.

"If inflation [expectations] are solidly approaching 3% by the end of 2018 I would think there would be a possibility of additional cuts next year," Meisel was quoted as saying.

At its most recent monetary policy meeting in September, the central bank held its key rate at 5.25%, noting that annual inflation reached 3.87% in August. That decision reportedly followed seven consecutive rate cuts in 2017.