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Colombia's central bank cuts key lending rate by 25 basis points to 2.25%


Colombia's central bank board cut the benchmark interest rate to 2.25% on Friday, as an ongoing coronavirus lockdown and low oil prices batter the economy.

BOGOTA, July 31 (Reuters) - Colombia's central bank technical team has changed its gross domestic product contraction estimate for this year to between 6% and 10%, down from a previous range of 2% to 7%.

Consumer price growth will be between 1% and 2%, the head of the central bank board said in a press briefing on Friday, well below the long-term target rate of 3%.

(Reporting by Julia Symmes Cobb Editing by Chris Reese)

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