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Rising oil prices were the biggest factor. The extractive industry exported $11.8 billion USD — nearly 60% of the nation's export value in the past six months.

This represents an uptick from the 8.7% rate registered in June 2017. The overall second quarter unemployment rate this year was 9.4%

The decision to maintain the current rate was approved unanimously by all seven members of the board of the Banco de la República.

"The continuation of fiscal adjustment, as per Colombia's fiscal rule, will be important for sustaining policy credibility," said Fitch Ratings.

This figure is identical to a recent forecast from the central bank and represents an improvement from the disappointing 1.8% registered in 2017.

"Being part of this organization will allow Colombia to adopt better public policies, which will contribute to overcoming the large gaps in terms of competitiveness.”

Though 3.16% is slightly above the 3.13% figure recorded in April, this marks the third straight month of negligible change to the year-over-year inflation rate.

The European Union has been one of the main financial supporters of Colombia’s peace process in recent years, and this week it pledged an additional $17.5 million USD (€15 million) to the effort. These funds, according to an E.U. statement, are intended to “scale up concrete...

The credit line replaces the pre-existing similar arrangement and Colombia will continue to see the funds as precautionary.

“We are now part of the big leagues," said Colombian President Juane Manuel Santos.