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10 Apr 2015
Peru leaves rates unchanged – Scotiabank
FXStreet (Edinburgh) - According to Eduardo Suarez, Chief FX Strategist at Scotiabank, the Peruvian central bank left its monetary policy unchanged, in line with market consensus.
Key Quotes
“As expected, the BCRP left the reference rate unchanged at 3.25%, citing that current rate settings are compatible with achieving the 2% inflation target”.
“There was no particular emphasis on the currency mentioned as a driver for the decision to leave rates unchanged, but the read on the economy the central banks supplied was quite highly skewed towards persistent weakness in growth relative to potential, while inflation dynamics were seen as having deteriorated based on fuels, entertainment, and seasonal costs of education”.
“Our take remains that the main reason why a cut did not materialize is the concern that in an economy with highly dollarized borrowing (particularly in some corporates and car loans), the costs to USD borrowers from a weaker PEN would have outweighed the benefits of a 25bps cut”.
Key Quotes
“As expected, the BCRP left the reference rate unchanged at 3.25%, citing that current rate settings are compatible with achieving the 2% inflation target”.
“There was no particular emphasis on the currency mentioned as a driver for the decision to leave rates unchanged, but the read on the economy the central banks supplied was quite highly skewed towards persistent weakness in growth relative to potential, while inflation dynamics were seen as having deteriorated based on fuels, entertainment, and seasonal costs of education”.
“Our take remains that the main reason why a cut did not materialize is the concern that in an economy with highly dollarized borrowing (particularly in some corporates and car loans), the costs to USD borrowers from a weaker PEN would have outweighed the benefits of a 25bps cut”.