UPDATE 1-Colombia cenbank sees no near-term rate hike–mins

(Adds details, context)

BOGOTA, May 14 (BestGrowthStock) – Colombia’s central bank sees no
near-term increases in its benchmark interest rate, according
to minutes from the bank’s last meeting, released on Friday.

The central bank said a recent cut of 50 basis points was a
unanimous decision by bank board members.

The bank surprised markets when it cut its interest rate to
3.0 percent, citing low inflation expectations, at its
rate-setting meeting on April 13.

At the time, analysts expected the bank to leave the rate
unchanged at 3.5 percent, as it had for previous months.

Colombia’s inflation is seen at 3.28 percent this year
and 3.58 percent in 2011, according to a bank poll released
this week. But the central bank chief says inflation will fall
below 2 percent next year.

Colombians go to the polls on May 30 to vote for a
successor to President Alvaro Uribe. The economic recovery,
jobs and the fiscal deficit are among major issues.

Investing Tools
(Reporting by Nelson Bocanegra; Writing by Luis Andres Henao,
Editing by Chizu Nomiyama and Dan Grebler)

UPDATE 1-Colombia cenbank sees no near-term rate hike–mins