06:47 AM EDT, 10/01/2024 (MT Newswires) -- The Board of Colombia's central bank Monday reduced its monetary policy rate by 50bps, bringing it to 10.25%, said BBVA Research.

This decision was split, with four members favoring the 50bps reduction and three members voting for a larger reduction of 75bps, noted BBVA Research.

During the press conference, BanRep's governor highlighted that the Board fully supports the rate reduction and that differences remain on the magnitude required, it pointed out.

The policy statement of BanRep's Board highlights that inflation in August stood at 6.1% and that it was below market expectations.