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Peru Central Bank Review - August 2021: Hike 25Bps To 0.5%

PERU
  • The BCRP Board of Directors hiked the reference interest rate by 25bps to 0.50%.
  • Annual inflation was described as temporarily above the target range due to factors such as the increase in international prices of food and fuel, as well as the exchange rate. As such, "Inflation is expected to return to the target range in the next twelve months and remain within that range for the rest of next year".
  • The board will remain "especially attentive to new information referring to inflation expectations and the evolution of economic activity to consider, if necessary, changes in the monetary policy position."
  • The continued accommodative stance overall was highlighted by the boards comments stating that "most leading indicators and expectations about the economy remain pessimistic in July."
  • Link to full statement: https://www.bcrp.gob.pe/eng-docs/Monetary-Policy/Informative-Notes/2021/informative-note-august-2021.pdf
  • The decision on the BCRP board members, the cabinet confidence vote and the 2022 Budget Law proposal remain key political risk events.
  • Next BCRP meeting due September 9, 2021.
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