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BCRP Delivers Further 25bp Rate Cut, As Expected

PERU
  • The BCRP cut its benchmark policy rate by 25bp to 5.75% last night, in line with the majority of analyst expectations. The decision followed a larger-than-expected fall of inflation to 2.4% y/y in April, bringing it close to the BCRP’s target of 2%. In its statement, the central bank said that it expects inflation to continue to slow and remain around the centre of the 1-3% target range in the coming months.
  • On growth, the statement noted a slight deterioration of most activity indicators, while leading indicators continue to point to firmer growth ahead. BCRP expects GDP to rise by 3% this year.
  • Going forward, the central bank will remain in a data dependent mode, but analysts see scope for further rate cuts in the coming months. Most forecasts see the policy rate ending the year in a 4.75-5% range. A full MNI review of this decision, with sell-side analyst views will follow later today.
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