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Colombian central bank chief does not foresee rate hikes

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Colombian central bank chief does not foresee rate hikes

Banco de la República Governor Juan Jose Echavarria said the central bank currently has no plans to increase interest rates in 2018 and 2019, but added that "a lot depends on the exchange rate," Reuters reported.

The governor also said Colombia's central bank does not intend to intervene in the currency markets even if the local peso currency, which has depreciated against the U.S. dollar this year, weakens by 10% to 15%.

"Absolutely not, even if we have a devaluation of 10% or 15%," Echavarria told the newswire in an interview, ruling out the possibility of intervention. "10% (devaluation) is no problem at all."

The central bank's benchmark interest rate currently stands at 4.25%.