Peru: Rates on hold as the dust settles from Humala's victory

The Central Reserve Bank of Peru (BCRP) unexpectedly held interest rates at 4.25% last night. Nonetheless, if it emerges over the coming weeks that President-elect, Ollanta Humala, will broadly maintain the current economic framework, as we expect, then monetary tightening will probably resume later this year. For now we are sticking to our forecast for rates to peak at 5.5%.

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