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Scotiabank Hope The BCRP Voices Concern Over Weak Activity

PERU
  • Scotiabank have noted that BCRP chairman Velarde recently pointed out that several engines of the economy are off, that private investment will continue low due to a lack of confidence and that public investment is contracted due to the change of management—in subnational governments. In this context, Scotiabank hope that in today’s statement the BCRP will make its concern about the weak economic performance more visible. This could be interpreted as a sign that the BCRP would be open to a possible advance in the cycle of interest rate cuts.
  • They add that this decision does not seem so simple and the BCRP would evaluate it with caution. Although the economic weakness is a factor to consider, the BCRP will prioritize the performance of inflation—which so far in July seems to be a bit high, with some recovery in poultry and perishable food prices, as well as future risks on food prices, mainly derived from an El Niño Phenomenon with increasing probabilities.
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