Colombia's central bank Governor Juan José Echavarria said inflation in the country will reach 3.6% at the end of 2019, though with monetary policy decisions, it should fall to 2.8% by the end of 2020, Reuters reported.

Echavarria added that although the Banco de la República will work to bring inflation down from annual levels of 3.79% in July through the use of monetary policy, it does not need to do this immediately, as this "would choke the economy."

Colombia's central bank has held its benchmark interest rate at 4.25% for 15 months. Policymakers are considering how best to stimulate growth while returning inflation to the long-term target of 3%.

Growth for the second quarter is expected to be 2.8% compared with the same period a year ago, Echavarria said during the presentation of the bank's quarterly inflation report.

In July, the central bank had lowered its GDP growth forecast for the full year to 3% from 3.5%. Echavarria said reaching 3% growth necessitates growth of above 4.5% in the second half of 2019.