Peru: weaker currency bolsters case for holding rates

The Peruvian Central Bank (BCRP) has deployed a raft of measures to combat currency appreciation in early 2013 and for the moment, at least, appears to be succeeding in its efforts. With the nuevo sol now weakening against the US dollar, we suspect that the BCRP will resist calls from some quarters for rate cuts, and expect interest rates to remain at 4.25% over the course of this year.

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