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Banco de la República has now held the rate steady since cutting it by 25 basis points to 4.25% at its April meeting.

Latin America's ability to end extreme poverty and boost prosperity will depend "to a very large degree on the social inclusion of Afro-descendants," says the World Bank.

USO said this week that it had presented a proposal to Ecoptrol that included a request for higher salary and improved benefits for some 35,000 direct and contracted workers. 

"The forecasts for 2018 and 2019 are promising and are supported by stronger growth in Colombia’s trading partners,” stated ECLAC in its mid-year regional breakdown.

The 2.8% figure is the best result in any second quarter since 2015 and up from the 2.5% growth seen in the same period during 2017.

Compared to June, the consumer price index fell by 0.13% — significantly below the consensus forecast.

While the peace process and divisive politics in Bogotá will be thornier issues, Duque's management of the fiscal deficit will prove tricky even amid rising GDP growth rates.

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.