The Board of Directors of the Central Reserve Bank of Peru (BCRP) on 12 February 2026 left the policy reference rate unchanged at 4.25 percent, judging that year-on-year headline inflation, which inched up to 1.7 percent in January alongside a 2.0 percent core rate, is set to hover near the 2 percent midpoint of the 1–3 percent target range while economic activity remains close to potential and sentiment indicators stay broadly optimistic. After trimming the rate by a cumulative 50 bp in May and September 2025 to 4.25 percent, the BCRP has held it steady since. The overnight deposit rate was maintained at 2.25 percent and direct security/currency repo and rediscount operations remain at 4.75 percent for the first ten operations in the past three months, with higher rates possible for additional drawings as set by the Monetary and Exchange Operations Committee. One-year-ahead inflation expectations eased to 2.0 percent in January, and leading indicators for January point to solid output performance. The Board also cited stronger-than-expected global growth and exceptionally favourable terms of trade for Peru. It pledged continued vigilance and readiness to adjust the stance to ensure inflation stays within the target range.
Central Bank of Peru 2026-02-12
BCRP holds policy rate steady at 4.25%
Central Reserve Bank of Peru kept its policy rate at 4.25 % on 12 Feb 2026, saying inflation at 1.7 % y/y in January (core 2.0 %) sits near the 2 % midpoint of its 1–3 % target while activity stays around potential; overnight deposit (2.25 %) and repo/rediscount (4.75 % for initial drawings) rates were likewise held, with the Board pledging vigilance.