Between 2003 and 2026, Peru’s central bank policy rate reached its peak in 2023, standing at **** percent between February and August amid elevated inflationary pressures. This peak was followed by a sustained easing cycle as inflation began to moderate and economic conditions improved. By the end of 2026, the policy rate had declined to **** percent, reflecting continued monetary easing. Two rate cuts were implemented during 2025, extending the series of reductions that began after the 2023 peak and signaling a shift toward a more accommodative policy stance.