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Central Bank Expected To Continue Gradual Easing

PERU
  • All surveyed analysts believe the BCRP will continue with its gradual easing cycle today, delivering another 25bp cut which would take the reference rate to 6.25%. The decision and statement are scheduled for release at 2300GMT / 1800ET.
  • The decline of 12-month inflation expectations further towards the central bank’s target, alongside the continued desire to boost the growth potential of the economy, continues to stoke the debate among analysts on whether the easing pace could be accelerated at some point this year.
  • A key development that provides an obstacle to bolder action is the ~4% currency depreciation against the greenback since the January meeting, marking the Peruvian Sol as among the weakest currencies in the region in 2024.
  • The full MNI preview with analyst views is here: https://roar-assets-auto.rbl.ms/files/59892/MNI%20Peru%20Central%20Bank%20Preview%20-%20February%202024.pdf

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