LatinNews Daily - 07 January 2022

In brief: Another interest rate hike in Peru

* Peru’s central bank (BCRP) has raised its benchmark interest rate by 50 basis points to 3.00%, in its fifth consecutive rate hike. This brings the benchmark interest to its highest level since February 2018. The BCRP explained its decision by noting that annual inflation reached 6.43% in December – up from 5.66% in November and more than double the bank’s target of 3% in 2021. According to a BCRP statement, “further modifications to monetary policy” are likely in the coming months to lower inflation, noting that “financial markets have continued to show volatility in the context of uncertainty, and the BCRP’s actions are aimed at calming those volatilities.”

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