Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Colombia central bank slashes key interest rates to boost economy  Join our daily free Newsletter

MENAFN - 24/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN) Colombian central bank has slashed its key interest rate stimulate the slowing Latin American economy due to global uncertainty and weaker domestic demand, Reuters reported.

The central bank cut the lending rate a quarter of a point to 4.50 percent, joining other Latin American countries such as Brazil that have cut borrowing costs to shield their domestic economies from slack demand overseas.

Central bank chief Jose Dario Uribe said that the decision by the bank's seven-member board was not unanimous.

The Andean country's economy has been under pressure, as weaker retail industrial sectors, while a strong peso currency is hurting exporters' profits.

The shrinking industrial production has set off alarms that weak overseas demand for Colombia's manufactured goods may put pressure on factories just as the jobless rate is falling.

Industrial output has dropped in five of the last seven months, ending with a 1.3 percent decline in September.

Recently, Finance Minister Mauricio Cardenas called the industrial sector "stagnant" and hinted he would support lower borrowing costs to spur expansion.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help