BOGOTA, Aug 12 (Reuters) - At least one central bank board member was against an interest rate hike at last month's meeting and said additional rate raises could bring in more inflows pushing up inflation, minutes showed on Friday. According to the minutes, some members of the bank's board said that despite good inflation dynamics, the monetary authority should raise its interest rate by 25 basis points. Colombia's central bank raised its benchmark interest rate for a sixth straight time on July 29 by 25 basis points to 4.50 percent in a move widely expected by markets although the decision was yet-again not unanimous. "A board member considered it inconvenient to increase the bank's interest rate this time around since inflation through June ... and inflation forecasts to one, two, three and five years are in line with the target," the minutes said. The same board member advised the central bank to adopt prudential macroeconomic measures in agreement with the government, according to the minutes. The minutes did not say which member was against the hike, and did not clarify whether more than one member opposed the measure. Colombia's central bank, one of the last in Latin America to start upping rates, has come under pressure from the government to wrap up the tightening cycle as other countries in the region such as Chile and Peru keep rates steady. Colombia has recouped investment-grade credit ratings from three major ratings agencies this year, passed a series of fiscal reforms in Congress, and is attracting strong investment inflows in the mining and oil sectors. The bank raised its 2011 growth forecast 50 basis points at its last meeting to between 4.5 percent to 6.5 percent while the government has an official estimate of 6 percent. (Reporting by Luis Jaime Acosta; Writing by Jack Kimball and Eduardo Garcia; Editing by Diane Craft)

Source