Colombia’s central bank holds interest rate at 9.50%, surprising a majority of the market

BOGOTA (Reuters) – Colombia’s central bank held the benchmark interest rate at 9.5% on Monday, surprising the market, which expected policymakers to resume cuts to borrowing costs despite inflation pressures and a difficult fiscal situation.

The decision was backed by a majority of the seven-member board. Three board members voted for a 50 basis point cut.

(Reporting by Nelson Bocanegra and Carlos Vargas; Writing by Julia Symmes Cobb)