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Peru holds key interest rate at 3.50%

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Peru holds key interest rate at 3.50%

The Banco Central de Reserva del Perú on Oct. 12 left the benchmark interest rate unchanged at 3.50%, as inflation returned to the target range and the economy is expected to recover from a slowdown, a central bank statement said.

The annual inflation rate eased to 2.94% in September from 3.17% in August, within the central bank's target range of between 1% and 3%. The central bank expects inflation to remain within this range in 2017 and 2018.

The central bank expects the economy to grow 2.8% this year from 3.9% growth in 2016, Reuters reported.

It lowered the interest rate by 25 basis points in May, July and September as growth slowed, said Reuters.