Colombia’s central bank said its surprise decision to hold interest rates steady in late April was meant to avoid perceptions that it was interfering in upcoming presidential elections.
Colombia is buying back $4.4 billion in outstanding bonds, closing out its third such transaction in the last year as it looks to lower borrowing costs weeks before a pivotal presidential election.
Colombian presidential candidate Iván Cepeda consolidated his lead in the most recent poll and would defeat both conservative rivals in a runoff scenario, five weeks ahead of the vote.
