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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."

"For now, the Banco de la República is likely to continue to move in 25-basis-point steps," said Capital Economics.