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Peru's Central Bank Maintains Benchmark Interest Rate at 4.75%

On Thursday, March 13, Peru's central bank kept its benchmark interest rate at 4.75%, meeting analysts' forecasts. Peru, with one of the region's lowest rates, has steadily lowered the key rate from 7.75% since September 2023.

The bank's decision was influenced by the expectation that March's annual inflation will approach the lower end of its target range before returning to the mid-range. February saw Peru's annual inflation at 1.48%, nearing the bank's 2% target.

Inflation rose by 0.19% month-on-month in February. The central bank anticipates that annual core inflation, excluding volatile goods, will stabilize around 2%.