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Central Bank Unchanged At 0.25%

PERU
  • The Peruvian central bank kept rates and policy unchanged late yesterday, with the refi rate held at 0.25%, alongside expectations.
  • In the accompanying policy statement, the bank noted that while inflation increased in the most recent month's data, the overall trend is still within range, and toward the lower end of the target. They also repeated that they expect trend inflation to hold inside the target range throughout 2021-22 and seem to anticipate a firmer outlook in H2 this year thanks to global vaccination campaigns and US stimulus.
  • This equates to a broadly unchanged policy outlook for the BCRP, suggesting highly expansionary policy through low rates and liquidity operations is to persist across the forecast horizon.
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