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The IMF is predicting 2.3% GDP growth for Colombia in 2017, a decrease from the 2.7% expansion the institution had forecasted in October.

"For now, the Banco de la República is likely to continue to move in 25-basis-point steps," said Capital Economics.

Fitch noted Colombia improving macroeconomic imbalances, current account deficit reduction, and falling inflation rate.

"Signs for an improvement in credit metrics are slowly emerging for corporates across Latin America following a tough year during 2016," said Jay Djemal of Fitch Ratings.

"I don't have the slightest doubt that the worst has already passed," said Cárdenas while predicting better economic growth this year than the 2.0% seen in 2016.

The February rate is down from 5.47% in January — and a marked decrease from the 8.97% seen in July 2017.

Replacing César Vallejo, the respected economist Ocampo will be one of the seven board members to vote during the next Banco de la República meeting in March.

The bank's second interest rate cut in three months, amid falling inflation, marks a major course change.

The slow growth in 2016 marks only the second time since 2002 that the Colombian economy has expanded by less than 3.0%.

“Crime has reached alarming levels in many countries,” said Ana María Rodríguez of the IDB.