Overview
- The BCRP left its reference rate unchanged at 4.25% in its November monetary program, following three 25-basis-point cuts earlier in 2025.
- October inflation fell 0.10% month over month, pushing 12‑month inflation to 1.4% with core at 1.8% and one‑year expectations at 2.2%, all within the 1%–3% target range.
- The bank estimates Peru’s economy expanded about 3.3% in the third quarter, with official INEI results still pending.
- To limit exchange‑rate volatility, the BCRP has been buying dollars, including roughly US$77 million this week, a tool aimed at smoothing market moves rather than changing direction.
- The 2026 growth forecast stands near 2.9%, reflecting typical election‑year moderation even as domestic indicators such as formal employment, wage mass, private investment and construction improve.