Colombia central bank holds rate, will shore up reserves with $2 bln

​Colombia's central bank board voted by majority to hold ‌its benchmark interest rate at 12.25% on Friday, amid estimates predicting slower economic growth and uncertainty over ‌the evolution of public finances. The board ‌has also approved the purchase of $2 billion from the government, to shore up the bank's reserves, board ⁠chief Leonardo ​Villar told ⁠a press conference announcing the two decisions.

Seventeen of 31 ⁠analysts in a Reuters poll this week said the ​board would raise the benchmark rate by ⁠25 basis points to 12.5%, while one forecast a ⁠75-basis-point ​increase to 13%. The remaining 13 analysts said the bank would keep the ⁠rate unchanged at 12.25%. Third-quarter economic performance figures are due ⁠in mid-November ⁠and are expected to show signs of a slowdown.