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

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

The new 6.48% rate is the lowest seen since November 2015 — and a huge drop from the 8.97% high in July.

"The slowdown in output and lower external imbalance reflect the adjustment required in the Colombian economy," said the central bank.

If the story plays out as expected, Bancolombia believes that 2015 and 2016 will end up being bumps in the road in an ongoing growth trajectory.

This marks the second straight month with no intervention, putting a definitive end to the prior 11 months of rate hikes.

The secretary's mission is to consult with Colombian officials on their plans to maintain strength in public finances in a post-conflict Colombia.

A drop in inflation was expected — but "its magnitude was much greater than we anticipated," said Bancolombia. A sharp decline in food prices fueled the major rebound.

The Banco de la República had pushed the interest rate up by 325 basis points over the previous 11 months to curb out-of-control inflation.

The 2.0% figure is below the projections of most analysts in what is shaping up to be an even worse year than expected for Colombia's economy.