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Colombia unlikely to up rate on Europe-cenbank director
May 30, 2012 / 10:13 PM / 6 years ago

Colombia unlikely to up rate on Europe-cenbank director

BOGOTA, May 30 (Reuters) - Colombia is unlikely to raise the benchmark lending rate again while the European financial crisis threatens economic growth in the Andean nation, central bank board member Cesar Vallejo told Reuters on Wednesday.

“While there is uncertainty, risk, I think it’s unlikely that the bank will raise the rate again unless something very special happens, like a positive external shock that stimulates the Colombian economy,” said Vallejo, one of seven board members.

He said the bank could even cut the rate to fuel economic growth if necessary. In the latest Reuters survey, 60 percent of analysts said they expected the bank to raise borrowing costs at least one more time this year from 5.25 percent currently. (Reporting by Carlos Vargas; Writing by Helen Murphy; Editing by Eduardo Garcia)

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