Peruvian central bank orders fifth consecutive rate hike
Board says above-target inflation is “transitory”
Peru’s central bank board tightened monetary policy for the fifth consecutive time at its December 9 meeting, raising its benchmark interest rate by 50 basis points.
The Central Reserve Bank of Peru (BCRP) has raised its benchmark rate by 225bp since July, to 2.5%. Between April 2020 and August 2021, the BCRP kept its reference rate at 0.25%.
The BCRP board said its programme of rate increases was a “gradual withdrawal of monetary stimulus”, and that its monetary policy is still expansive.
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