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

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.

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.

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

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

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 slowdown in output and lower external imbalance reflect the adjustment required in the Colombian economy," said the central bank.