Members of the Colombian central bank’s board have clashed over lowering the policy rate ahead of the September 29 monetary policy meeting.

On September 21, the news magazine Semana quoted finance minister Ricardo Bonilla saying he would promote “a very small reduction” at the upcoming meeting. “What is important is the tendency of reduction of inflation, not the scale in which it is falling,” added Bonilla, who sits on the Central Bank of Colombia’s (BCC) board.

Bonilla called for a rate cut