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LatinNews Regional Monitor: Andean Group - 14 April 2020

In brief: Peru cuts interest rates to an all-time low

* Peru’s central bank (BCRP) has reduced its benchmark interest rate by 100 basis points, from 1.25% to an all-time low of 0.25%. This reduction, in response to the substantially decreased domestic consumption caused by the coronavirus (Covid-19) pandemic, comes less than a month after the rate was cut from 2.25% on 19 March. The Peruvian government has made substantial efforts to limit the negative economic effects of its strict quarantine measures, including a stimulus package equivalent to 12% of the country’s GDP, but the impacts will nonetheless be felt strongly by workers and businesses alike.

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