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Central Bank Review – April 2023

PERU
  • The Board of Directors of the Central Reserve Bank of Peru decided to maintain the reference rate at 7.75%. This was in line with all surveyed estimates before the decision. In a marginally dovish development, the board removed the word “further” when referring to potential adjustments of the policy stance which analysts note may set the bar even higher for any resumption of tightening. The Board reaffirmed “its commitment to adopt the necessary actions to ensure the return of inflation to the target range over the forecast horizon.”
  • The statement reiterated that the decision does not necessarily mean the end of the tightening cycle and that future adjustments in the reference rate will be conditional on new information on inflation and its determinants. This includes the macroeconomic effects of social unrest which was no longer described as recent but of previous months.
  • On inflation, the statement highlighted there were transitory effects due to restrictions in the supply of some food and the heavy rains of the last month. A downward trend in year-on-year inflation is expected to continue over the following months with the projected return to the target range reaffirmed at Q4 this year.
  • The board noted that “various leading and expectation indicators for economic activity improved in March, but they remain in pessimistic territory.”
  • Full statement here: https://www.bcrp.gob.pe/eng-docs/Monetary-Policy/Informative-Notes/2023/informative-note-april-2023.pdf
  • The next monetary policy session will take place on May 11, 2023.
EM BulletCentral Bank of Peru - ReviewHomepageEM Central Bank ReviewLatAm Bank - ReviewEM Central Bank ReportsBulletEmerging Market News
EM BulletCentral Bank of Peru - ReviewHomepageEM Central Bank ReviewLatAm Bank - ReviewEM Central Bank ReportsBulletEmerging Market News

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