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

Echavarría takes the helm at time of change for the Banco de la República, which shifted its tact by lowering the nation's interest rate in December.

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.

The secretary's mission is to consult with Colombian officials on their plans to maintain strength in public finances in a post-conflict Colombia.

Colombia’s Central Bank board at its meeting last Friday decided to keep the country’s benchmark interest rate at 4.5% taking into account the following: The United States economy is expanding at a slower pace, and the Euro area and Japan are showing signs of gradual recovery....