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The put options will be in force from December 4-28, according to the Bogotá-based Banco de la República.

The central bank board cited the “weakness of the economic activity and uncertainty over its pace of recovery.”

After cutting the benchmark interest rate to 4.5% in January, the central bank board "considered the cycle of rate reductions had been completed," says Echavarría

Mauricio Cárdenas and Juan José Echavarría will both speak at the 2018 Bonds, Loans & Derivatives Andes conference in February.

“The dynamics of the domestic demand were weaker than expected” in the third quarter, stated the central bank.

The move continues a year-long rate-cutting trend but surprised a market that expected the Banco de la República to leave the rate steady.

The Banco de la Repúblcia said that its decision was impacted by the "weakness in economic activity."

The central bank again expressed concern about economic weakness on top of low domestic demand and low external demand.

The central bank said its decision was based upon “growing weakness of economic activity."

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