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Central Bank Review: BCRP Hikes 50bps To 2.00%

PERU

Peru Central Bank Review – November 2021

  • Overnight, the BCRP raised the reference rate by 50bps from 1.50% to 2.00%.
  • According to the statement, Monetary policy continues to be expansionary and the decision does not necessarily imply a cycle of successive hikes.
  • Inflation is temporarily above the target range due to factors such as the increase in international prices of food inputs and fuels, as well as the exchange rate.
  • "Inflation is projected to return to the target range in the second half of next year, due to the reversal of the effect of transitory factors on the inflation rate."
  • "The Board of Directors is especially attentive to new information regarding the inflation expectations and the evolution of economic activity to consider, if necessary, changes in the monetary policy position. With the information available it is considered convenient to maintain the expansionary monetary policy position for a prolonged period, through the gradual withdrawal of the monetary stimulus."
  • The following meeting will take place on December 9, 2021.
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