Colombian Central Bank Governor Villar predicts that global inflation will slow in 2023, and the bank's interest rate hike cycle is coming to an end.

(AFP)

[Financial Channel/Comprehensive Report] Colombian Central Bank Governor Leonardo Villar predicts that the global economy will have a hard landing in 2023, inflation will slow down sharply, and Colombia's substantial interest rate hike cycle is coming to an end.

In an interview with the British media "El Espectador", Villar said that due to the global economic situation, the central bank has adopted a tightening policy.

"I can't say the whole cycle of rate hikes is over, but it's pretty close," he said.

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Colombia's central bank raised its benchmark interest rate to 12% in December, a total of 10.25 percentage points since 2021.

Annual inflation accelerated to 12.5 percent in November, the fastest pace since 1999.

Inflation should start to moderate gradually over the coming months, Villar said, with price gains expected to slow to nearly 7 percent by the end of 2023.

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