Colombia Raises Its Interest Rate to 12%, Bucking Latin America’s Easing Trend

Colombia's central bank raised its benchmark interest rate to 12% on June 30, exceeding analysts' expectations of 11.75%. The decision was supported by four of seven board members, while two favored a 50bp cut and one, Finance Minister Germán Ávila, advocated a hold. The move contrasts with Latin America's broader trend of easing monetary policies.