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The historic visit by Pope Francis will disrupt the normal operations at Bancolombia, Banco de Bogotá, and BBVA.

The Banco de la Repúblcia said that its decision was impacted by the "weakness in economic activity."

"More companies in Colombia right now are becoming mutlilatinas," says Carlos Ferrer of Unisys, "and we are identifying many more opportunities to provide those global solutions."

The 3.99% rate is 38 basis points below the 4.37% annual inflation seen in May and less than half of the 8.60% rate in June 2016.

Fitch Ratings based its view on Bancolombia’s improved operating efficiency and “solid performance in 2016.”

"The economy is slowing down or not growing much, and on the inflation side we have good news but not good enough," said Echavarría.

The Clave Dinámica aims to minimize electronic fraud and "doesn't require customers to memorize anything," said Luz María Velásquez of Bancolombia.

With inflation nearing the central bank's target range, some analysts are now wondering if the central bank will make another 50-basis-point cut Colombia's interest rate.

Colombia’s largest bank Bancolombia this week lowered the interest rates on its mortgage offerings by up to 150 basis points. According to the Medellín-based financial institution, this move means its rates now start at 0.76% monthly, or 9.6% on an annual basis. The bank said...

Most analysts are equating the underwhelming growth to low consumption following the recent tax hike that increased Colombia's VAT by 3%.