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Peru Central Bank Review – Feb 2023

PERU
  • The BCRP decided to leave the reference rate unchanged at 7.75% on Thursday. This was a dovish surprise with 10/11 surveyed analysts expecting another 25bp increase.
  • The statement notes that “this pause does not necessarily imply an end to the BCRP’s monetary tightening cycle.” Indeed, future decisions “will be conditional on new information about inflation and its determinants, including the macroeconomic effects of the recent political unrest.”
  • In the paragraph on guidance, there was a subtle change to reflect that future changes to the monetary policy stance will be considered “if necessary”.
  • The statement says that “the board remains particularly attentive to new information on inflation and its determinants, including the evolution of inflation expectations and economic activity, to consider, if necessary, changes in the monetary stance”
  • Link to full statement here: https://www.bcrp.gob.pe/eng-docs/Monetary-Policy/Informative-Notes/2023/informative-note-february-2023.pdf
  • The next BCRP meeting will take place on March 9.
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