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"This report highlights the challenging environment that Colombian consumers are experiencing," says Bancolombia.

S&P made no changes but suggested it could downgrade Colombia's sovereign rating if the country's fiscal debt burden does not improve within the next 18 months.

The IMF lowered its 2017 projections for Brazil by 0.3% and Mexico by 0.6%.

Though the increase was welcomed by the government, the 126.7 trillion pesos collected came in below the target of 130.1 trillion pesos.

“We have to wait for the results of the tax reform," analyst Richard Francis told Finance Colombia in New York.

Protestors hit the streets to express their opposition to the tax reform, VAT increase, and minimum wage raise.

Echavarría takes the helm at time of change for the Banco de la República, which shifted its tact by lowering the nation's interest rate in December.

In the last Gallup poll of the year, more Colombians reported seeing a glass half full.

The new monthly minimum will be 820,857 pesos, or just over $272 USD.

Dissenting central bank members "held that it would be prudent to keep the benchmark rates stable."