Peru’s central bank makes first rate cut since pandemic

Julio Velarde
Ministerio de Defensa del Perú

The Central Reserve Bank of Peru (BCRP) cut rates on September 14, for the first time since the beginning of the Covid-19 pandemic.

The board of directors reduced the reference rate by 25 basis points to 7.5%. The overnight deposit rate is at 4.75%, and the currency repo rate is at 8%.

The decision means the Peruvian central bank joined its peers in Brazil and Chile, which started cutting rates in recent months.

“This reduction occurs in a context of lower inflation expectations, weaker

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