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“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."

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.