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Brazilian firms took the brunt of the punishment, with 56 domestic corporates getting hit with downgrades last year.

"Most of the economic benefits of peace in terms of increased investment and tourism have already been felt," said Adam Collins of Capital Economics.

Latin America still lags other regions, but "a few economies — such as Chile, Colombia, and Mexico — stood out among their peers,” says the Global Innovation Index.

Colombia will soon introduce a redesigned 50,000-peso bill that features a Gabriel García Márquez and members of the indigenous community in the Sierra Nevada de Santa Marta.

These newly pledged funds are on top of the 4 million euros committed by the EU in 2015 for similar work.

The inflation rate in Colombia has hit yet another 16-year high, rising to 8.97% in July compared to 8.60% in June. Consumer prices jumped much more than expected.

The downgrades for Bogotá and Medellín — Colombia's two biggest cities — are the same action Fitch Ratings took against the nation's sovereign rating and state-controlled Ecopetrol in July.

This marks the 11th consecutive month that the Banco de la República has intervened in a fight against an inflation rate that has hit a 16-year high.

Despite an increase for the fifth straight month, BBVA analysts caution against an overly optimistic reaction to another minor uptick

Colombia's troubling current account deficit, external debt, and government deficit have led Fitch to assign the country a negative outlook.