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BCRP Hike Could be Close to Peak of Rates Cycle

PERU
  • Peru’s BCRP raised the reference rate by 50bps overnight, alongside expectations, to 6.00%. In the accompanying statement, the bank see inflation easing from July onwards, although inflation expectations crept higher to 5.35% from 4.89%.
  • There remains some uncertainty over the pace of rate hikes beyond this month’s hike, after comments in June from BCRP head Velarde suggested focused on the BCRP’s early moves on rates vs. their regional and global peers, baking in the central bank’s view that inflation expectations will moderate later this year thanks to early action.
  • Nonetheless, the bank retained the view that inflation will return to target by Q2-Q3 next year.
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