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BBVA on BCRP: Changes To A Slightly Less Hawkish Tone

  • The Bank removed the forward guidance component that signalled further hikes.
  • The Bank reiterated that the higher inflation observed in January is a result of transitory supply factors such as the increase in the international price of food inputs and fuels, coupled with a higher exchange rate.
  • The monetary authority maintains its expectation that inflation will return to the target range (2% +/- 1%) in the fourth quarter of the year.
  • BBVA expect the Central Bank to continue hiking, taking the reference rate to 4.50% in the second quarter.

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