Peru: Central Bank keeps monetary policy stance
June 13, 2013
At its 13 June monetary policy meeting, the Central Bank left the reference rate unchanged at 4.25%, in a move widely expected by the market. The Bank's decision represents the 25th consecutive month in which monetary authorities leave the main monetary policy rate unchanged.
As in previous statements, the Central Bank argued that inflation remains within its target range and that economic growth has stabilized around its sustainable long-term rate, although recent GDP data point to a deceleration. The next monetary policy is scheduled for 11 July.
A majority of panellists polled by LatinFocus Consensus Forecast expect that monetary authorities will maintain the reference rate unchanged this year, with a year-end projection of 4.33%. For 2014, the participants expect the monetary policy rate to end the year at 4.62%.
Author: Ricardo Aceves, Senior Economist