The bank last month said growth would likely reach 2.7 percent in 2018 as rate cuts of 325 basis points since December 2016 begin to take effect.

The seven-member board unexpectedly lowered the benchmark lending rate in January by 25 basis points to 4.5 percent, calling it the last cut in its current cycle, as they try to boost a still-sluggish economy even as inflation remains above target.

"I would think that in 2018 we could grow 3 percent, the technical team of the bank thinks it will be 2.7 percent. ... In inflation we are doing well and that gives us space to act," Echavarria said at a financial conference in Bogota.

Inflation in January rose 0.3 percent, taking cumulative 12-month price growth to 3.68 percent, just within the bank's target range of 2-4 percent.