The Banco Central de Reserva del Perú on Aug. 10 decided to keep its benchmark interest rate at 3.75% as inflation remained within target range. The bank said it would give "special close attention" to new data to continue easing its monetary policy in the "short term."

Inflation rose to 2.85% year over year in July from 2.73% in June. Excluding food and energy, it fell to 2.36% in July from 2.38% in June. The bank forecasts inflation to remain within this range through 2017 and 2018.

GDP is estimated to grow between 2.5% and 3.0% in 2017.

The central bank's president told Reuters that the bank could accommodate one or two more rate cuts in 2017, but does not expect the situation of holding or lowering rates to change through 2018.