Peru’s central bank doubles rates on higher inflation

Central Reserve Bank of Peru

The Central Reserve Bank of Peru doubled interest rates after its September 9 monetary policy meeting in a bid to tackle above-target inflation.

The BCRP raised its reference interest rate by 50 basis points to 1%, following the 25bp rate increase it implemented in August. The overnight deposit rate is now at 0.85%, and the direct security-currency repo and rediscount operations rates are both at 1.5%.

The monetary policy committee also changed the wording of its policy statement, which no

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