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The put options will be in force from December 4-28, according to the Bogotá-based Banco de la República.

In mid-November, the Banco de la República forecasted inflation to end both 2018 and 2019 at 3.3%.

Banco de la República has now held the rate steady since cutting it by 25 basis points to 4.25% at its April meeting.

This figure is identical to a recent forecast from the central bank and represents an improvement from the disappointing 1.8% registered in 2017.

Though the rating is unchanged from the New York agency’s previous assessment, the status quo represents positive news for a country where economic growth has slowed.

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.

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