Peru hikes policy rates as inflation exceeds target

Central Reserve Bank of Peru

The Central Bank of Peru’s board increased interest rates for the first time since the beginning of the pandemic, citing above-target inflation.

The board voted to increase the policy rate by 25 basis points to 0.5%, but pointed out it is still maintaining an expansionary policy stance. Due to higher inflation, real rates now stand at a record low of -3.3%.

In its policy statement, the board says it is “appropriate to maintain an expansionary stance as long as the negative effects of the

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