Peru Keeps 3.5% Rate After Currency Declines to Five-Year Low
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Peru kept borrowing costs unchanged after the sol fell to its weakest level since 2009 following slower-than-expected growth and interest rate cuts at two of its previous four meetings.
The six-member central bank board led by President Julio Velarde maintained the overnight rate at 3.5 percent yesterday, as forecast by 15 of 19 economists surveyed by Bloomberg. Four analysts had expected a quarter-point reduction.