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LIMA, July 11 (Reuters) - Peru’s economy likely grew at a pace similar to April’s unusually weak 2 percent year-on-year expansion in both May and June, Peru’s central bank said on Friday.
The bank cut the benchmark interest rate by a quarter percent to 3.75 percent late on Thursday to counter a lull in economic growth.
Adrian Armas, the chief economist for the central bank, said the monetary authority would lower the key rate again in the future if current sluggish growth drags on.
“Growth in May and June will likely be similar to that of April,” Armas said on a conference call with reporters.
“If the economy does not recover to the level desired in the future, there will be new adjustments,” he said, responding to a question about the benchmark interest rate.
The central bank sees Peru’s potential growth rate at 6 percent.
April’s growth rate was the weakest in nearly five years. It pulled down registered economic growth so far this year to 4 percent year-on-year.
Peru’s economy rode a global mining boom to post expansions that topped 6 percent over most of the past decade, but in the past year weaker mineral prices, softer demand and lower levels private investment have sapped growth.
Growth figures for May are scheduled for release on Tuesday. (Reporting By Teresa Cespedes; Editing by Chizu Nomiyama)