Key Facts
—The decision. Colombia’s central bank raised its benchmark rate 75 basis points to 12% on June 30, above the 11.75% most analysts expected.
—A split board. Four of seven directors backed the hike; two wanted a 50bp cut, one a hold. Finance Minister Germán Ávila voted for the cut.
—Year to date. Rates have risen 275 basis points from 9.25% at the start of 2026, reversing the previous easing cycle.
—Prices. Headline inflation was 5.8% in May and core inflation 6.0%, both far above the 3% target.
