The decision aims to promote "positive real returns on investments in local currency" and "prevent financial volatility from acting as a driver of inflation expectations," the bank said in a press release.
In April, monthly inflation rose 8.4 percent compared to March, according to the bank.
The decision complements a package of economic measures the government announced over the weekend to reduce inflation, stabilize the exchange rate and guarantee consistent levels of economic activity.
"The central bank will continue to monitor the evolution of the general level of prices, the dynamics of the financial market and exchange rates," the bank said.
Other measures include stepping up negotiations with the International Monetary Fund, encouraging consumer spending by lowering the interest rate on credit card purchases, and offering tax breaks to spur economic activity.
In addition, the government has said it will suspend current anti-dumping regulations "in order to favor the importation of inputs used to produce essential products for industry and activity in different value chains."
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