Central Bank lowers interest rates

With an interest rate reduction from 4,25 to 4,0 percent, Colombia’s Central Bank will both boost the economy, which experts say isn’t growing to its full potential, and encourage Colombians to accumulate more debt.

“Each person and bank must take on the task of assessing if they are able to take on more debt and how to use available credit options”, said bank chief, Jose Dario Uribe.

Uribe also said that the decision was made considering that, on average,  the economies of Colombia’s commercial partners have grown as much as expected. The Board of Directors also decided to extend daily dollar purchases thru May and expects to accumulate 3,000 million dollars, with daily purchases of no less then 30 million dollars.

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