August 09, 2024 12:28 GMT
MNI Peru Central Bank Review - Aug 2024: Easing Cycle Resumed
The BCRP resumed its easing cycle with a 25bp cut of the reference rate to 5.50%.
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Executive Summary
- Peru’s central bank resumed its easing cycle with a 25bp cut of the reference rate to 5.50%. Analysts had been split, with a majority expecting the BCRP to stay on hold.
- The board highlighted the decline in core inflation, which likely prompted the decision to cut, and signalled a willingness to ease further dependent on the incoming data.
- Analysts expect the central bank to continue with gradual rate cuts through H2, with risks of a more front-loaded adjustment.
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