As expected, the central bank of Colombia (BanRep) kept rates on hold at 13.25%, with the same split decision from September (5:2) with the minority, led by FinMin Bonilla, voting again for a -25bp cut. The statement had mixed reads – it was hawkish in absolute terms, but also made minor dovish concessions.
Full note contains revised expectations for commencement of easing cycle plus views on implications for FX and rates.