Colombia’s central bank board is likely to leave the benchmark interest rate unchanged at its meeting on Friday to encourage economic growth as inflation remains well below target. All 19 analysts polled by Reuters last week expect the board to hold borrowing costs at 1.75%. If the prediction is met the rate will have been at the historically low figure for six months, after the board cut 250 basis points between March and September of last year as it sought to help an economy hit hard by a coronavirus lockdown. “We expect the board to maintain the rate at 1.75%. With economic recovery advancing and inflation expectations anchored in the medium-term we think additional cuts are unlikely,” said Carolina Monzon, head economist for Colombia for Itau bank. “We think increases in rates will begin at the start of next year,” she added, an opinion shared by the majority of the market. The bank predicts Colombia’s economy will grow between 2% and 6% this year, with 4.5% as the most likely figure. Inflation will reach 2.3% the bank says, well below the long-term target of 3%. At least two of three new board members - Viviana Taboada, Mauricio Villamizar and Jaime Jaramillo - will participate in this month’s meeting after being named to their posts in February. (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Richard Pullin)