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Peru is one of the Latin American countries with the lowest monetary policy rates. Monetary policy rate, also known as base interest rate or base rate, is a percentage defined by central banks to determine the cost of credit in a given economy. This indicator serves as a guide for other financial institutions to set their own interest rates. In 2018, the Central Reserve Bank of Peru set the monetary policy rate at 2.79 percent, down from 4.23 percent in 2016, the year with the highest rate at least since 2010.