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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."

The February rate is down from 5.47% in January — and a marked decrease from the 8.97% seen in July 2017.

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

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.

Fitch's Latin American Sovereign Overview report reflects the weakness in economies throughout the region, with Colombian banks facing major headwinds.