Colombia's central bank kept the policy rate at 11.25% in April, surprising analysts amid election pressure.
Board member Bibiana Taboada said the bank may now slow further rate hikes, having done most of the needed adjustment.
Finance Minister Germán Ávila threatened to boycott a board meeting, raising concerns over the central bank's independence.
The bank remains focused on bringing inflation back toward its 3% target while maintaining policy transparency during the election.