Peru's central bank trimmed its benchmark interest rate by 25 basis points to settle at 4.75% on Thursday, surprising analysts who expected the country's monetary authority to hold the rate steady at 5%.

But minutes from their December meeting suggest that the decision was a close call — and that there is no guarantee policymakers will lower rates again anytime soon. The minutes of the central bank’s Dec.

The central bank cut its benchmark rate by 25 basis points to 10% in December. Minutes hint the bank will consider 50-basis-point cuts going forward.

The Bank of Mexico could increase the size of cuts to its benchmark interest rate in future meetings as inflation eases in Latin America's second-largest economy, minutes from the central bank's December monetary policy meeting showed on Thursday.