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Central Bank Preview – March 2023

PERU
  • Peru’s central bank is expected to leave the reference rate unchanged for a second straight month later today as inflation has begun to cool now that weeks of destructive nationwide unrest are winding down.
  • An unchanged decision would keep the policy rate at 7.75%, and would be in line with all 12 analysts surveyed by Bloomberg. The decision is scheduled for 2300GMT / 1800 local time.
  • At its February meeting, the BCRP made clear that the pause did not necessarily imply an end to the monetary tightening cycle and that future reference rate adjustments will be conditional on new information about inflation and its determinants, including the macroeconomic effects of the recent political unrest.
  • While political uncertainty remains high regarding Dina Boluarte’s presidency and the ongoing demands for early elections, social unrest has continued to ease. Additionally, the government of Peru expects that shipments of both copper and zinc will begin to normalize within days as road blockades throughout the mining corridor are lifted.
  • Near cementing an unchanged decision is the latest CPI data, which moderated to 8.65% in February, clocking in below the median surveyed estimate of 8.80% y/y.
LatAm Bank - PreviewEM BulletCentral Bank of Peru - PreviewHomepageEM Central Bank ReportsEM Central Bank PreviewBulletEmerging Market News
LatAm Bank - PreviewEM BulletCentral Bank of Peru - PreviewHomepageEM Central Bank ReportsEM Central Bank PreviewBulletEmerging Market News

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