Peru's interest rates at six-year high

The Central Bank of Peru unexpectedly raised its reference rate to 4.75% from 4.5% on 5 July, as strong economic growth, boosted by domestic demand and metal exports, threatened rising inflation. The central bank said that the move was "preventative", and that the directors would "continue to be vigilant in watching the evolution of inflation".

The rise was the first change in the reference rate, which is an average of lending and borrowing rates, since May last year. The central bank said that

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