Colombia central bank raised its benchmark interest rate by 25 bps to 13.25%, the highest level since 1999, in response to the nation’s bonds and currency plunging. The bank faces a challenging situation due to a persistently high inflation rate and a slowing economy. The central bank forecasts Colombia’s economic growth at 0.8% in 2023, compared to 7.5% in 2022. Meanwhile, investors will closely keep an eye on new finance minister Ricardo Bonilla’s comments to gauge his influence on president Petro’s controversial economic proposals.