Colombia’s central bank held interest rates steady at 9.5%, citing concerns over accelerating inflation and the largest fiscal deficit since the pandemic. Inflation rose for the second consecutive month to 5.3% in February, heightening the risk of further price increases above the target. The central bank’s cautious stance suggests it will wait for additional data before considering future interest rate cuts. The departure of Finance Minister Diego Guevara has led to investor concerns about the new finance minister’s ability to address the deficit.