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Peru Central Bank Preview – November 2021

PERU
  • The Peruvian Central Bank (BCRP) November decision is due later today at 2300BST/1800ET.
  • The broad consensus expect a 50 basis point hike to the reference rate from 1.5% to 2.00%. Of the eight surveyed analysts on Bloomberg, one is calling for a 25bp hike and one is forecasting a bolder 75bp hike to 2.25%.
  • Inflation rose to 5.83% in October from 5.23% the month prior. Core inflation increased to 2.78% from 2.57%. Results were higher than expected and compare with the 2.0% +/- 1 percentage point target.
  • Policy makers are likely to keep the door open for further hikes in the pipeline with accelerating inflation and inflation expectations supporting tighter monetary conditions. Capital outflows and heightened risks relating to political uncertainty have raised concerns about financial stability and support increasing rates.
  • For reference, the BCRP raised the policy rate by 25 basis points in August, 50 basis points in September and again in October.
LatAm Bank - PreviewEM BulletCentral Bank of Peru - PreviewHomepageEM Central Bank ReportsEM Central Bank PreviewBulletEmerging Market News
LatAm Bank - PreviewEM BulletCentral Bank of Peru - PreviewHomepageEM Central Bank ReportsEM Central Bank PreviewBulletEmerging Market News

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