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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."

July's rate of 3.4% is a decrease from the 3.99% seen in June and represents the 12th straight month that inflation has fallen.

The central bank again expressed concern about economic weakness on top of low domestic demand and low external demand.

"These forecasts for Colombia's growth are much higher, compared to the other scenarios in Latin America," said Cárdenas.

Last July, the IMF forecasted Colombia's GDP to grow by 3.0% in 2017. In October, that figure fell to 2.7% then, in April, it was cut again to 2.3%. Now it sits at 2.0%.