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Colombia: Global uncertainty prompts pause in rate hikes

The Central Bank of Colombia’s (BANREP) decision to hold interest rates at 4.5% was prompted by the recent uncertainty in the global economy. Rate hikes may resume once the current market turmoil has blown over. But with the economy exhibiting all of the signs of Dutch Disease, we think that rates are close to peaking. We expect them to reach 5.0% this year but to remain on hold throughout 2012.

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