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Governor Velarde: BCRP Will Continue To Raise Rates, Time-Frame Unclear

PERU

Peru will have to raise interest rates, but the time-frame over which this will happen remains uncertain, Central Bank President Julio Velarde said. (Bloomberg)

  • Peru raised policy rate at last two meetings because, given recovery, "we no longer require a monetary that is so exceptionally expansionary," Velarde said at a press conference in Lima.
  • Central bank lifts 2021 GDP growth forecast to 11.9% from 10.7%.
  • Central bank cut 2022 growth forecast to 3.4% from a previous forecast of 4.5%, Velarde said.
  • Raises forecast for 2021 inflation rate to 4.9% from 3%.
  • Raises forecast for 2022 inflation rate to 2.6% from 2%.
  • Called on President Pedro Castillo not to name a central bank board that would be "conflictive".
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