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in addition, the board approved to initiate the procedures to raise from 16 to 17 percent the maximum amount that private administrators of pension funds are allowed to invest abroad
dovish
not forward looking
certain
2,008
549
the yoy inflation rate is projected to remain within the target range and around 2.0 percent
neutral
forward looking
certain
2,019
476
cumulative inflation through last 12 month reached 2.8 percent, lower than in february 3.4 percent
dovish
not forward looking
certain
2,004
663
the board also reiterates that any required adjustments will be implemented in order to ensure inflations gradual convergence to the target range
neutral
forward looking
certain
2,008
820
as a result, the year-to-year rate of inflation rose from 3.25 percent in february to 3.97 percent in march
hawkish
not forward looking
certain
2,017
736
this upward trend in the forecast growth of economic activity for 2007 6.8 percent is being confirmed by the first indicators of demand this year, although no signals of inflation are observed yet
hawkish
forward looking
uncertain
2,007
867
global economic activity is improving at a slower pace due to the persistent bottlenecks in the global supply of goods and services, the reversal of monetary stimulus in advanced economies, the confinement measures in china, and international conflicts
dovish
forward looking
certain
2,022
32
the current decision does not necessarily imply a cycle of successive increases in the reference rate
neutral
forward looking
uncertain
2,021
990
the monetary program for the following 12 months will be approved on the board meetings to be held on the following dates january 11 february 8 march 8 april 12 may 10 june 7 july 12 august 9 september 13 october 11 november 8 december 13 moreover, in 2018 bcrp will publish its inflation reports on the following dates march 23 june 15 september 21 december 21
neutral
forward looking
certain
2,017
676
the terms of trade increased 7.0 percent that year due to the 18.4 percent increase of export prices
hawkish
not forward looking
certain
2,006
234
the effective annual rate for monetary regulation credits will be 4,5 percent
neutral
not forward looking
certain
2,001
833
one-year ahead expected inflation was 2.0 percent in january
neutral
forward looking
uncertain
2,021
892
the board also approved to maintain the following annual interest rates on active and passive operations in domestic currency not included in auctions between the bcrp and the financial system direct repo and rediscount operations 5.75 percent
neutral
not forward looking
certain
2,009
472
this rate implied a reduction with respect to the rate effective since march 2 11,5 percent
dovish
not forward looking
certain
2,001
201
the expected yoy rate of inflation was 2.33 percent in july; iii
neutral
not forward looking
uncertain
2,018
745
year-on-year inflation increased from 3.0 percent in january to 3.3 percent in february, and year-on-year core inflation rose from 2.9 percent in january to 3.1 percent in february
hawkish
not forward looking
certain
2,024
678
the board has been adopting measures aimed at making the reserve requirements regime more flexible in order to promote a more orderly evolution of credit as well as the dedollarization of credit
neutral
forward looking
certain
2,013
959
direct securitycurrency repo and rediscount operations i 8.00 percent per year for the first 10 operations in the last 3 months and ii the interest rate set by the monetary and exchange operations committee for operations in addition to these 10 operations in the last 3 months
hawkish
not forward looking
certain
2,022
710
these include the lower prices of fuels, of public utilities and of some food products which are expected to have a one-time impact on the inflation rate
dovish
forward looking
uncertain
2,007
159
recent developments indicate declining inflationary pressures, with increasing probabilities that 2003 inflation will be close to the bottom limit of the range
dovish
forward looking
certain
2,003
368
in december the production of electricity grew 9.3 percent and local dispatches of cement recorded a growth rate of 14 percent
hawkish
not forward looking
certain
2,011
185
the average interbank interest rate was 2,5 percent in may, similar to the previous month
neutral
not forward looking
certain
2,002
728
the board made this decision considering the following macroeconomic information the consumer price index of metropolitan lima cpi increased 0.2 percent in january, showing a lower increase than in december 2007 0.45 percent
neutral
not forward looking
certain
2,008
735
the yoy inflation rate is projected to remain within the target range and around 2.0 percent in the forecast horizon
neutral
forward looking
certain
2,019
492
swap a commission equivalent to a minimum annual effective cost of 2.80 percent
neutral
not forward looking
certain
2,009
505
central bank approved monetary program for july 2004 reference interest rate is kept at 2,50 in june the consumer price index of metropolitan lima cpi increased 0.56 percent, due mainly to the increase in the prices of some foods
neutral
not forward looking
certain
2,004
168
bcrp lowers reference rate to 1.25 the board of directors of the central reserve bank of peru bcrp decided to lower the reference interest rate by 100 basis points, from 2.25 to 1.25 percent, in light of the following developments economic activity is being temporarily affected by a supply shock and a slowdown in domestic demand caused by the coronavirus pandemic
dovish
not forward looking
certain
2,020
38
the board also approved to maintain the annual interest rates on the following active and passive operations between the bcrp and the financial system direct repo and rediscount operations 6.5 percent
neutral
not forward looking
certain
2,008
101
the projections included in the january inflation report point out that inflation will meet the target of 2.5 percent for the board of the central bank decided to maintain the reference interest rates for monetary operations off auction a
neutral
forward looking
certain
2,004
233
the board of the bank decided to maintain the borrowing and lending central bank operations at 4,25 percent for monetary regulation credits and direct temporary purchase of bcrs papers
neutral
forward looking
certain
2,003
266
the last-12-month inflation rate is expected to remain below the lower band of the inflation target 1.5 percent in the first part of 2007 due to the reversal of the price rises of some food products observed in the first four months of 2006, in line with the forecasts outlined in the inflation report of september 2006 as well as with the recent communiqus on the monetary program
dovish
forward looking
certain
2,007
470
the board considers it appropriate to maintain a strong expansionary monetary stance for as long as the negative effects of the pandemic on inflation and its determinants persist
dovish
forward looking
certain
2,021
688
monetary policy decisions are based on inflation forecasts in order to foresee inflationary or deflationary pressures
neutral
not forward looking
certain
2,003
707
on the other hand, indicators of global economic activity show that uncertainty regarding the pace of global economic activity remains
dovish
forward looking
uncertain
2,012
278
the nominal exchange rate rose to 3.25 per dollar
hawkish
not forward looking
certain
2,006
570
the expected yoy rate of inflation was 2.44 percent in september; iii
neutral
forward looking
uncertain
2,018
670
the board is particularly attentive to new information on inflation expectations and economic activity, with an aim to consider, if necessary, changes in the monetary stance so that inflation returns to the target range
hawkish
forward looking
certain
2,022
675
thus, for direct repo and for rediscount operations, the rate continues to be 5.25 percent
neutral
not forward looking
certain
2,006
144
the board of the bank approved to maintain borrowing and lending interest rates for central bank operations at 3,25 percent for monetary regulation credits and direct temporary purchases of bcrs securities
neutral
not forward looking
certain
2,003
918
as of may 12, bcrp injection operations totaled s 56,005 million, of which s 49,409 million were associated with governmentbacked repos
neutral
not forward looking
certain
2,021
141
the monetary program for the following twelve months will be approved on the board meetings to be held according to the following schedule january 15 february 12 march 12 april 9 may 14 june 11 july 9 august 13 september 10 october 16 november 12 december 10 in 2015 the bcrp will publish its inflation reports on the following dates january 23 may 22 september 18 december 18
irrelevant
forward looking
certain
2,014
263
the board has taken this decision considering that i the rise in the prices of some food products and utilities has been reversing and the depreciation of the sol against the dollar has slowed down; ii inflation expectations have continued reversing gradually; iii local economic activity has been recovering, and iv the global economy continues showing mixed signals of recovery in terms of production and employment as well as lower volatility in financial markets
dovish
not forward looking
certain
2,016
128
as mentioned in the december press release, this decision does not imply a sequence of raises in the reference interest rate
dovish
not forward looking
certain
2,006
607
inflation in august recorded a rate of 0.27 percent, mainly as a result of the rise observed in food prices due to supply factors
neutral
not forward looking
certain
2,010
108
rate central bank raises reference rate from 3,00 to 3,25 the board of the central bank approved to raise the reference interest rate for the interbank market from 3,0 percent to 3,25 percent
hawkish
not forward looking
certain
2,005
105
short-term rates are relatively stable, while long-term rates in domestic currency continue to show a downward trend
neutral
not forward looking
certain
2,007
35
the previous framework is consistent with the current annual inflation forecast 2,5 percent with a 1-percentage point margin
neutral
not forward looking
certain
2,002
839
in this context, credit to the private sector grew 12.4 percent year-on-year in november with interest rates declining steadily since april
dovish
not forward looking
certain
2,021
537
the board continues to oversee the projection of inflation and its determinants and stands ready to adopt adjustments in monetary policy instruments in order to ensure that inflation falls within the target range
neutral
forward looking
certain
2,010
495
the indicators of business expectations have recovered in april, which would be reflecting the transitory nature of the economic slowdown observed in the first quarter of the year
neutral
not forward looking
certain
2,017
979
inflation is foreseen to remain within this range during 2017 and the indicators of business expectations about economic activity remain on the optimistic side and gdp is expected to grow between 2.5 and 3.0 percent in the board of the central bank also approved to lower the annual interest rates on lending and deposit operations in domestic currency not included in auctions between bcrp and the financial system, as specified below overnight deposits 2.50 percent
dovish
forward looking
certain
2,017
271
moreover, the global economy is also showing signs of recovery, as a result of which growth forecasts are being revised upwards
hawkish
forward looking
certain
2,010
8
inflation without food and energy showed a rate of 0.06 percent, as a result of which the interannual rate of inflation fell from 3.48 percent in august to 3.45 percent in september
dovish
not forward looking
certain
2,015
737
in july, the interbank interest rate was 3,47 percent, down from june 3,74 percent, following the reduction of 25 basis points in the reference interest rates for monetary regulation credits and overnight deposits that month
dovish
not forward looking
certain
2,003
523
this rate implied a reduction with respect to the rate effective since august 3 6,0 percent
dovish
not forward looking
certain
2,001
968
inflation excluding food and energy showed a rate of 0.11 percent and accumulated an annual rate of 2.3 percent
neutral
not forward looking
certain
2,011
279
inflation in the last 12 months continued declining and fell from 2.59 percent in march to 2.31 percent in april
dovish
not forward looking
certain
2,013
853
one-year-ahead expected inflation increased from 3.75 percent to 4.39 percent, above the upper limit of the inflation target range
hawkish
not forward looking
certain
2,022
899
this decision does not necessarily imply successive reductions in the interest rate
neutral
forward looking
certain
2,024
282
current and advanced indicators of activity continue showing a rapid growth of economic activity, although lower than in previous months
hawkish
forward looking
uncertain
2,011
758
the significant increase in international food and fuel prices since the second half of 2021, accentuated by international conflicts, has led to a sharp increase in global inflation in magnitudes not seen in many years and towards levels significantly higher than the inflation targets of central banks, both in advanced and other economies in the region
hawkish
not forward looking
certain
2,023
375
the board has taken this decision considering a gradual return of inflation to the inflation target range in the forecast horizon, taking into account the following factors i inflation has been affected by temporary supply factors, such as the rise in the prices of some food products and utilities, as well as by the depreciation of the sol against the dollar
hawkish
forward looking
certain
2,016
937
the monetary program for the following month will be approved on the board meeting to be held on may 14,
neutral
forward looking
certain
2,015
92
inflation in september recorded a rate of 0.03 percent, as a result of which the interannual rate of inflation decreased from 4.04 percent in august to 3.90 in september
dovish
not forward looking
certain
2,015
371
reserve requirements in foreign deposits subject to payment the continues to be at 2.5 percent
neutral
not forward looking
certain
2,006
190
as a result of this, the cpi inflation accumulated in the last twelve months was 1.54 percent, close to the lower range of the inflation target 1.5 percent
neutral
not forward looking
certain
2,006
546
rate bcrp reduces its reference interest rate from 9,0 to 8,5 percent in domestic currency and from 6,0 to 5,5 percent in foreign currency and set the operating target range at 130 - 140 million for the month of september, the board maintained the range for its operating target at 130 - 140 million as a daily average
dovish
not forward looking
certain
2,001
804
inflation in july showed a rate of 0.43 percent, as a result of which inflation in the last 12 months fell from 3.45 percent in june to 3.33 percent in july
dovish
not forward looking
certain
2,014
325
the decision to reduce the reference rate considered the following information and projections in april, monthly inflation was -0.05 percent and core inflation was 0.11 percent
dovish
not forward looking
certain
2,024
568
the former rate was 1,9 percent
neutral
not forward looking
certain
2,002
404
there are still risks in terms of global economic activity, although lower volatility has been observed in international financial markets
dovish
not forward looking
certain
2,019
352
global growth risks from trade tensions have attenuated, although the impact of the coronavirus is still uncertain
neutral
not forward looking
uncertain
2,020
866
the real exchange rate rose 0.5 percent 2.0 percent depreciation of the nuevo sol in real terms over the last 12 months, an evolution associated with the depreciation of the dollar against other currencies
neutral
not forward looking
certain
2,006
208
year-on-year inflation is projected to stay around the center of the target range over the forecast horizon
neutral
forward looking
uncertain
2,024
679
according to recent inflation and economic activity indicators monthly inflation was 0.20 percent in july, bringing down year-on-year inflation to 2.11 percent, from 2.29 percent in june
hawkish
not forward looking
certain
2,019
145
if justified by financial conditions, the values mentioned above could be modified in order to ensure the attainment of the objective to preserve monetary stability, which mean avoiding inflationary or deflationary pressures
hawkish
forward looking
uncertain
2,002
567
reserve requirements in foreign currency subject to remuneration 2.75 percent
neutral
not forward looking
certain
2,007
793
this level of the reference rate is compatible with an inflation forecast of 2 percent in the forecast horizon 2014 2015 and takes into account that i inflation expectations remain anchored within the inflation target range; ii gdp has been recording lower growth than the countrys potential level of growth; iii recent indicators show some recovery in the world economy, and iv the supply factors that affected inflation are reversing
neutral
forward looking
certain
2,013
6
until february 1, this was equivalent to the average obtained by the central bank for overnight deposits abroad approximately 6,0 percent in january
neutral
not forward looking
certain
2,001
329
inflation is expected to remain within the upper band of the target range in the following months due to the lagging effect of the supply shocks and to converge thereafter to the 2 percent target in current and advanced indicators of activity show a weakening in the level of economic activity reflecting the lower growth recorded by our exports as a result of both the economic slowdown of our main trading partners and lower export prices
hawkish
forward looking
uncertain
2,013
857
rate central bank kept reference interest rate at 3.00 in april, the consumer price index of metropolitan lima cpi augmented 0.12 percent
neutral
not forward looking
certain
2,005
653
for the same reason, the year-on-year core inflation increased from 2.5 percent to 2.6 percent
hawkish
not forward looking
certain
2,024
612
transitorily between june and november 2004, 12-month inflation was above the upper limit of the target range 3.5 percent mainly due to supply shocks in food and fuels
hawkish
not forward looking
certain
2,005
104
rates as anticipated in the monetary program report for 2001, the central reserve bank board of directors established that, on the first friday of each month, the bank would announce the range for the average daily balance of the current accounts held by banks at the central bank, to be taken as benchmark for monetary operations during the month
neutral
forward looking
certain
2,001
21
in the case that the interbank interest rate be higher than 4.50 percent, monetary regulation credits and direct repos will be charged with the market interbank interest rate
hawkish
forward looking
uncertain
2,006
517
the decision to reduce the reference rate considered the following information and projections in july, monthly inflation was 0.24 percent and core inflation was 0.19 percent
dovish
not forward looking
certain
2,024
514
the board will approve the monetary program for june on its session of june 10,
irrelevant
forward looking
certain
2,010
69
unfavorable climate conditions in the major producing countries of grains have temporarily increased the international prices of these commodities
hawkish
not forward looking
certain
2,012
165
one-year-ahead expected inflation decreased from 2.56 percent in may to 2.53 percent in june, within the inflation target range
dovish
not forward looking
certain
2,024
301
economic activity indicators point to a more gradual closure of the output gap
neutral
forward looking
uncertain
2,019
648
in may, inflation registered a rate of 0.19 percent mainly as a result of the rise observed in the price of some food products
neutral
not forward looking
certain
2,013
66
imported inflation, indicator representing the part of inflation that is mainly determined by international prices, was 2.20 percent in october and was mainly due to the rise in the price of bread, given the increase observed in the international price of wheat
hawkish
not forward looking
certain
2,007
680
the board will approve the monetary program for december on its session of december 11,
irrelevant
forward looking
certain
2,008
900
recent indicators of inflation and activity reflect the following inflation in october recorded a rate of -0.47 percent, as a result of which the year-to-year rate of inflation fell from 2.94 percent in september to 2.04 percent in october
dovish
not forward looking
certain
2,017
450
moreover, public consumption and investment are estimated to have grown 9.1 and 10.4 percent respectively
hawkish
not forward looking
certain
2,006
68
in this way, the cpi inflation rate over the last twelve months was 1.89 percent, within the target range announced for inflation
neutral
not forward looking
certain
2,006
700
on the other hand, the underlying inflation over the last 12 months was 1.4 percent
neutral
not forward looking
certain
2,006
483
formerly, the said rate was 3,5 percent
neutral
not forward looking
certain
2,002
729
for january, the forecasted range for the daily average balance of banks deposits held at bcrp is 240 - 260 million
neutral
not forward looking
certain
2,005
734
indicators of expectations for economic activity deteriorated in april
dovish
not forward looking
certain
2,022
58