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The central bank board cited the “weakness of the economic activity and uncertainty over its pace of recovery.”

After cutting the benchmark interest rate to 4.5% in January, the central bank board "considered the cycle of rate reductions had been completed," says Echavarría

The consumer price index (IPC) rose by just 0.24% from February to March, putting the 12-month inflation rate at 3.14%, down from 3.37% in February.

This figure represents a 5.4% increase compared to the $5.5 billion USD in revenues in 2016.

This was worst performance in eight years — below even the sluggish 1.96% growth of 2016 — and represents the third lowest rate this century.

The funds will significantly reduce the interest rate of some 77,000 mortgages that officials say will be generated by plan.

For the first time since last September, the inflation rate in Colombia landed within the central bank’s target range.

Growth will be driven by higher commodities prices, improved household consumption, and a more balanced performance across various sectors.

The prediction is slightly below the 3.0% and 2.9% forecasts from the World Bank and IMF, respectively.

Banco de la República estimates that GDP grew by just 1.6% in 2017 and maintains “uncertainty over its pace of recovery.”