Peru Central Bank Keeps Rate at 3% in Bid to Limit Sol’s Gains

The Peruvian central bank’s surprise decision to keep the benchmark lending rate unchanged signals policy makers are seeking to stem the 3.6 percent rally in the sol this year, according to Banco Santander SA.

The seven-member board, led by bank President Julio Velarde, kept the bank’s reference rate at 3 percent, surprising all except one of 16 economists surveyed by Bloomberg. Most analysts had predicted the central bank would raise rates for a sixth consecutive meeting.