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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.

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

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

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 inflation rate in Colombia has hit yet another 16-year high, rising to 8.97% in July compared to 8.60% in June. Consumer prices jumped much more than expected.