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“The dynamics of the domestic demand were weaker than expected” in the third quarter, stated the central bank.

In five years, after more dredging and investments, Guillermo Peña Bernal believes the Port of Barranquilla will even better positioned to transport goods.

The loan will “give a big boost” to the massive 4G road construction project underway in Colombia.

The October rate is up slightly from 3.97% last month and puts inflation outside of the central bank’s target rate for the first time since June.

The move continues a year-long rate-cutting trend but surprised a market that expected the Banco de la República to leave the rate steady.

Fitch held the line on Colombia's ratings given the country's “long track record of credible, flexible, and consistent macroeconomic policies."

For Canada, Colombia represents the smallest partner of the four nations at just $1.2 billion USD in trade last year.

The bank left the door open for a future rate cut, saying that the interest rate is now "close to its neutral level, although there is uncertainty about that level."

As with the nation at large, most areas of Colombia are struggling to achieve growth. But certain segments and indicators are showing positive signs.

The Banco de la Repúblcia said that its decision was impacted by the "weakness in economic activity."