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Aggressive interest rate hikes unlikely in Colombia

We do not think that the Colombian central bank’s (BANREP) surprise decision to increase interest rates by 25bp to 3.5% on Friday marks the beginning of an aggressive tightening cycle. With economic growth likely to be slower than policymakers anticipate during 2014-15, we expect just a further 75bp of hikes to 4.25% by the end of next year.

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