The European Central Bank cut its key interest rate on Thursday to boost an economy that’s struggling to grow as consumers burned by inflation warily eye price tags and businesses try to navigate political turmoil in leading economies France and Germany.

Colombia's central bank held the benchmark interest rate at 9.50% on Friday, surprising the market, which expected policymakers to vote for a second consecutive 25 basis point cut. The decision was backed by five members of the seven-member board.