BOGOTA, June 28 (Reuters) - The board of directors of Colombia’s central bank will hold its monthly meeting on Monday, in which it is expected to hold the benchmark interest rate stable as it looks to extend monetary stimulus to assure economic recovery. In a Reuters poll last week, all 13 analysts asked forecast that the bank will leave the interest rate at the historic low of 1.75% for the ninth month. Analysts expect the bank will continue to make the most of space provided by rising inflation to keep on stimulating domestic consumption with low interest rates, which could see improvements in other economic indicators. “The bank must keep the benchmark rate at historic lows for as long as possible so as to support the economy and job creation,” said Juan David Idrobo, an analyst at Fidubogota. Though not expecting surprises, analysts will be on the look out for details in the bank’s statement which could signal the start of a cycle of tightening monetary policy amid improvements in Latin America’s fourth-largest economy. The government recently raised its economic growth outlook for the year, expecting gross domestic product (GDP) to grow 6%, up from forecasts of 5% previously. “Higher-than-expected economic growth, along with Colombia’s large fiscal and external imbalances and growing inflationary pressures, increase the likelihood that the central bank will begin a cycle of normalization (of monetary policy) later this year,” said David Cubides, an analyst at bank Itau. According to the Reuters poll, the central bank could begin raising the interest rate from September. (Reporting by Nelson Bocanegra Writing by Oliver Griffin Editing by Alistair Bell) Our Standards: The Thomson Reuters Trust Principles.