Published on Friday, September 11, 2020

Peru | Central Bank maintains policy rate unchanged in September

The Board of the Central Bank decided to maintain the monetary policy rate at 0,25% in September. The Bank renewed its commitment to maintain a strongly expansive stance for a prolonged period and placed emphasis on its efforts to provide liquidity to the market.

Key points

  • Key points:
  • The monetary authority expects inflation to dip below the target range this and next year.
  • Our baseline scenario contemplates the monetary policy rate remaining at this level at least until the end of 2021, given weak private spending.
  • We do not rule out additional non-conventional measures to further expand the monetary stimulus or foster the transmission of the current low level of the policy rate to the financial system’s rates, however, we believe fiscal policy needs to assume a greater role going forward.

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