BOGOTA, April 30 (Reuters) - Colombia's central bank cut the benchmark interest rate by 50 basis points to 11.75% on Tuesday, its fourth cut since December, as policymakers sought to boost the economy while keeping a lid on inflation.
Five policymakers backed the half-point cut, while one supported a 75-point decrease and another a 100-point decrease.
The decision was in line with a Reuters poll last week, where 22 analysts forecast the monetary policy authority would cut the rate by 50 basis points.
Following the decision, the total cuts by the board to the benchmark interest rate since December - when the bank began its downward cycle - amount to 150 basis points.
"With the decision adopted today, the board continues with policy interest rate cuts that boost growth, while maintaining a policy stance in line with the objective of driving inflation to its goal by mid-2025," bank board chief Leonardo Villar said, reading the board's statement.
Finance Minister Ricardo Bonilla - who represents the government on the board - has previously voted for a 100-point cut, but the voting is secret.
"The need for the bank to lower rates to a greater extent is absolutely essential for the reactivation of the economy, yet the decrease in the rate makes monetary policy still restrictive," Bonilla said.
The central bank's technical team also raised its 2024 growth outlook to 1.4%, from 1.1% previously.
Inflation expectations for the year remained stable at 4.6% in the bank's survey of analysts, the statement said.
A Reuters poll on Friday found that analysts expect Colombia's inflation to close the year at 5.67%.
Earlier in April, central bank board member Olga Lucia Acosta told Reuters she was confident that cuts to the benchmark rate can speed up, but that caution was key to avoiding any setbacks. (Reporting by Nelson Bocanegra and Carlos Vargas Writing by Oliver Griffin and Julia Symmes Cobb; editing by Barbara Lewis)
