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Finance Minister Burneo on Rates, BCRP Decision Thursday

PERU
  • Peru’s central bank meet tomorrow and as of writing, analysts are split between the BCRP hiking another 25bps and an unchanged decision. The meeting comes at an interesting juncture, given the most recent rhetoric from BCRP Chief Velarde last week where he said that the bank is “at the end” of the hiking cycle “but that does not mean that we are not going to lift.
  • Additionally, Finance Minister Kurt Burneo said yesterday that he doesn’t expect the central bank to stop increasing interest rates.
    • They may be more spaced and to a lesser extent, “but I don’t believe the increase in the interest rate will stop, even if inflation returns to the target,” Burneo said at a press conference.
    • “If the central bank stops raising interest rates, capital flight could occur”.
  • Analyst views for the decision will be sent out throughout today’s session.
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