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4 years ago
Peru's central bank cuts interest rate to 4 pct from 4.25 pct
November 7, 2013 / 11:26 PM / 4 years ago

Peru's central bank cuts interest rate to 4 pct from 4.25 pct

LIMA, Nov 7 (Reuters) - Peru's central bank surprised the market on Thursday by cutting the benchmark interest rate to 4 percent after holding it at 4.25 percent for nearly two and a half years.

The monetary authority said it cut the rate to stimulate economic growth, which has slowed this year to under its potential as the Andean country's mineral exports have slumped.

"This decision is preventive and does not imply a series of reductions to the benchmark interest rate," the central bank said in a statement.

All 18 foreign and local economists surveyed by Reuters had forecast the bank would hold the rate steady on expectations of stronger growth in the fourth quarter.

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