Julio Velarde, President of the Peruvian Central Bank, indicated that Peru’s benchmark interest rate could be reduced by 100 bps below the Fed’s rate. Currently, the rate stands at 5.75%, with inflation expected to settle between 2%-2.2% by the end of 2024. The GDP growth forecast remains at 3% for 2024. Separately, Peruvian President Dina Boluarte aims to attract over USD 5 bln in mining investments this year and targets a significant increase in copper production.