Colombia’s central bank increased its interest rate by 150bps to 7.5%, the largest interest rate hike since the bank implemented its inflation-targeting strategy in 1999. The country’s annual inflation eased to 9.07% in May, above the central bank’s target of 3%. Meanwhile, the IMF expects Colombia’s GDP growth to expand 5.8% this year, more than any other major Latin American economy. Hungary said it will no longer stand in the way of EU sanctions except on vital matters regarding energy policies.