# Colombia central bank hikes borrowing costs to 10%, raises 2022 GDP estimate By Reuters

> Colombia's central bank raised its benchmark rate by 100 basis points to 10% on Thursday, with six board members backing that move and one voting for 50 basis points. The bank raised its 2022 GDP growth forecast to 7.8% from 6.9%, but cut its 2023 forecast to 0.7% from 1.1%. The board cited robust inflation and a weaker peso linked to tighter developed-market policy.

- Date: 2022-09-29 · published 2022-09-29T12:00:00.000Z
- Category: macro · region Colombia · magnitude low
- Page: https://feedsoft.ai/events/39861-colombia-central-bank-hikes-borrowing-costs-to-10-raises-2022-gdp-estimate-by
- Commodities: [Colombian Peso (COP per USD)](https://feedsoft.ai/c/USDCOP.md)

## Why it matters

Higher borrowing costs and a slower 2023 growth outlook could reduce Colombian demand for feed from poultry and hog producers, while the peso's depreciation keeps imported feed ingredients more expensive.

## Read by commodity

- USDCOP: bullish ▲

## Sources

- investing.com: https://www.investing.com/news/economy/colombias-central-bank-raises-benchmark-interest-rate-to-10-2902225

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.