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| 4/3/2009 12:00:00 AM

Colombia Economic Activity Weakens Faster Than Expected

Apr 03 -- The Colombian central bank board voted unanimously to cut rates by 100 basis points to 7% at its March 20 monetary meeting as economic activity weakened at a faster-than-expected pace and as inflation continues to decelerate, according to minutes released Friday of the board's last meeting., 101735

The board kept accelerating its rate cutting as macroeconomic data showed the Colombian economy is deteriorating fast.

"Economic activity continues to weaken faster than the Bank's technical team had anticipated," the central bank acknowledged Friday.

The central bank evaluated industrial production and retail sales figures. It also studied unemployment and electricity consumption figures, among others.

The central bank added that the 300 basis point rate cut since December fuels economic growth.

Falling inflation and inflation expectations as a result of the weakened internal demand and the drop of international prices of basic products also contributed to the rate-cut decision, the monetary authority said.
 
Read more here.
 
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