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LatinNews Daily - 10 September 2021

In brief: Peru doubles interest rates

* Peru’s central bank (BCRP) has raised its benchmark interest rate by 50 basis points to 1%. This follows its decision to raise the benchmark interest rate to 0.5% from 0.25% in August – its first increase since the start of the coronavirus (Covid-19) pandemic after it slashed it from 1.25% in April 2020. The BCRP said that the “present decision does not necessarily mean a cycle of successive hikes in the benchmark interest rate”, noting that Peru’s monetary policy continues to be expansive. The BCRP highlights that the annual inflation rate reached 4.95% in August up from 3.81% in July, which is significantly above its target range of 1%-3%. However, it added that it expects inflation to “return to within the target band in the next 12 months and will remain there during the rest of 2022”.

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