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Peru's central bank maintains interest rate at 2.75%

Peru's central bank kept its monetary policy interest rate unchanged at 2.75%, saying inflation remains below the lower end of the target range despite rising in April.

"The Board considers that it is appropriate to maintain an expansionary policy stance until it is certain that this convergence will take place in a context of anchored inflation expectations," the Banco Central de Reserva del Perú said.

It continues to expect inflation to rise to within the target range in the second quarter and converge toward 2.0% by the end of 2018, after the year-over-year rate increased to 0.48% in April from 0.36% in March.

Most business expectations indicators improved in April and several indicators of economic activity, consumption, and investment also suggest a recovery, the bank said.

The central bank also maintained its annual overnight deposits rates at 1.50%. Rates for direct repos and rediscount operations as well as swaps will remain at 3.30%.