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The 25-point cut narrowly won the day among central bank board members with a 4-3 vote. All three dissenters preferred another 50-point reduction.

One analyst firm believes the move "to step up the pace of interest rate cuts is a clear response to the weakness of the recent activity data."

"For now, the Banco de la República is likely to continue to move in 25-basis-point steps," said Capital Economics.

Fitch noted Colombia improving macroeconomic imbalances, current account deficit reduction, and falling inflation rate.

Replacing César Vallejo, the respected economist Ocampo will be one of the seven board members to vote during the next Banco de la República meeting in March.

The bank's second interest rate cut in three months, amid falling inflation, marks a major course change.

Some 60 speakers, including Juan Jose Echavarría of Colombia and José Olivares of Peru, will gather to discuss economic growth forecasts and upcoming infrastructure investments.

“We have to wait for the results of the tax reform," analyst Richard Francis told Finance Colombia in New York.

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.

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