Peru’s central bank continues sharp monetary tightening

Central Reserve Bank of Peru
Central Reserve Bank of Peru

Peru’s central bank board unanimously voted on May 12 to increase the policy rate to its highest level since 2009.

The Central Reserve Bank of Peru (BCRP) board, chaired by governor Julio Velarde, increased the reference rate by 50 basis points to 5%. This was the BCRP board’s 10th rate raise, all but one of 50bp, since it started the current tightening cycle in August 2021.

The BCRP board noted that Peru’s year-on-year inflation increased further in April, when it grew by almost 8% year on

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