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Curt Burneo: BCR should keep raising interest rates even if inflation falls

The MEF also lowered its economic growth forecast for Peru at the end of 2022. | Font: Andean

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This week the Board of Directors of the Central Reserve Bank (BCR) will determine whether a new increase in the base interest rate to mitigate inflation should be approved, and the Ministry of Economy has already expressed its opinion on this matter.

Head of the Ministry of Economy and Finance, Kurt Burneobelieves that the central bank should continue to raise interest rates to offset rate hikes by the US Federal Reserve (Fed).

As he commented at a recent press conference, this measure should continue even if inflation returns to the target range of 1% to 3% to avoid capital flight.

“If he BCR stop raising the base rate, there could be capital flight,” he said during the presentation of the Impulso Peru plan.

During his speech, the minister acknowledged that business expectations remain favorable, but this is not “as we would like”.

burneo He added that this increase should be given at intervals “to a lesser extent”.

It is worth noting that the reference interest rate in the country is currently 7% and, according to market consensus, an increase of 25 basis points is possible this month, that is, it will rise to 7.25%.

Source: RPP

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