The bank's seven policymakers voted unanimously to maintain the rate at 4.75 percent, meeting expectations in a Reuters poll earlier this week, to keep ammunition for next year, when they hope to bring the sluggish economy closer to potential.
Finance Minister Mauricio Cardenas, who represents the government on the central bank board, had urged his colleagues ahead of the meeting to hold borrowing costs after Standard & Poor's lowered the Andean nation's rating by a notch to BBB-minus on Monday, citing less policy flexibility.
But the bank said the credit decision had not had a "significant" effect on the nation's risk measures, local bond yields or the exchange rate.
Cardenas said the bank would wait for further information on prices and demand before making its next move, and the board's statement focused on the economy.
"The economic activity of the country remains weak, and new (economic) figures confirm the persistence of below-potential economic growth," the bank's statement said.
"The space to continue lowering the intervention rate has been reduced."
The consumer price index rose 4.12 percent in the 12 months to November, well below a mid-2016 high of nearly 9 percent but still above the bank's long-term target range of 2 percent to 4 percent.
"Inflation information at the end of this year is particularly relevant to see if the goal was met or not," Cardenas said.
Colombia has faced fallout from lower oil prices and domestic consumption, as well as once-high inflation figures that split the board's focus.
"Given higher CPI than expected, we believe the central bank will probably implement a pause in the cycle in December and resume the interest rate cuts early in 2018," said Itau analyst Carolina Monzon.
The bank has already cut borrowing costs by 275 basis points since December 2016 to help the economy, but the moves have not provided as much steam as desired.
Last month the government reduced its gross domestic product growth target for this year to 1.7 percent, amid low domestic consumption and following disappointing third-quarter figures.