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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."

Finance Minister Mauricio Cardenas says the overhaul "is a difficult measure that will require a large sacrifice of all Colombians — but it is necessary."

Exports from free-trade zones from January through October in 2016 were 52.9% higher than the same period in 2015.

"Our pick is Colombia, for making peace in 2016. This was a colossal achievement."

The decision was based on worries that Colombia's economic slowdown may now be a larger concern than inflation.

One sector Fitch sees having a tough year ahead is telecom, due to the pressure on credit profiles from low profits and free cash flow.

This time, Santos will send the agreement to Congress for ratification and skip the public vote.