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Low inflation...coupled with low growth...spurred the central bank to drop its benchmark rate...to 3.25%.
The surprising 50 bps cut...is the 5th benchmark change in 5 meetings in Bogota.
This is also the first action of 2 new co-directors who joined the cbank in January.
http://www.bloomberg.com/news/2013-03-22/colombia-unexpectedly-cuts-rate-to-3-25-on-six-decade-low-cpi.html
