Peruvian Central Bank Reference Rate Held at 1.25%
A statement from the Central Reserve Bank of Peru today implied that the benchmark interest rates of 1.25%, a five-year low, will be retained for quite some time longer so long as inflation and expected inflation behave has officials expect. Each of these is still trending downward. CPI inflation ended 2008 at an on-year pace of 6.7% but fell this year to 1.9% in August and 1.2% last month. Economic growth was still negative in 2Q09 but improved last quarter. Unemployment has settled back to 8.3% after cresting seven months ago. To spur private consumption, the central bank cut its interest rate each month from February through August, reducing such by 525 basis points in all.
Copyright Larry Greenberg 2009. All rights reserved. No secondary distribution without express permission.
This entry was posted on Thursday, October 8th, 2009 at 3:09 pm and is filed under Central Bank Watch. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
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