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Peru's central bank cuts key rate to 2.75%

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Peru's central bank cuts key rate to 2.75%

The central reserve bank of Peru cut its monetary policy interest rate by 25 basis points to 2.75%, citing the continuing decline of inflation.

Banco Central de Reserva del Perú maintained annual interest rates for overnight deposits at 1.50%. Rates for direct repos and rediscount operations and swaps were both set at 3.30%.

The central bank said inflation stood at a rate of 0.25% in February and declined to 1.18% year over year from 1.25% in January.

The bank added that the February decline reflects the reversal of the supply shocks and the level of economic activity coming in lower than the potential level of growth.

"Expectations of inflation in 12 months continued decreasing and registered a rate of 2.19% in February 2018," the central bank said.

The bank also cited a favorable global economy amid heightened uncertainty in international financial markets.