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Central Bank Review – July 2021: Hawkish Tweak

PERU
  • The BCRP left the reference rate unchanged at 0.25%.
  • The link to the policy statement can be found here: https://www.bcrp.gob.pe/eng-docs/Monetary-Policy/Informative-Notes/2021/informative-note-july-2021.pdf
  • The board acknowledged that headline annual inflation was temporarily above the target range due to supply-side pressures, however, trend inflation remains around the centre of the target range. The board also stated most leading indicators and expectations about the economy deteriorated in June.
  • In a hawkish tweak to the forward guidance the board decided to scale back the language associated with their stance on monetary stimulus. The committee now aim to uphold an expansionary stance, whereas in June, they referenced "highly expansionary" policy.
  • Additionally, they removed the reference of their willingness "to increase the monetary stimulus through different instruments."
  • Key statement: "The Board considers it appropriate to maintain an expansionary stance as long as the negative effects of the pandemic on inflation and its determinants persist and is especially attentive to new information referring to inflation expectations and the evolution of economic activity."
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