After learning that in the coming days the Executive will make the increase in the minimum vital remuneration (RMV), which is currently at S/1,025, the president of the Central Reserve Bank (BCR), Julio Velardeasked for “prudence” with the decision made.
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“Our minimum wage compared to the average income is not that low. The problem is productivity, which is low. (…) Prudence, nothing more, prudence,” he highlighted during the presentation of the last Inflation Report of the year.
It should be noted that the RMV in Peru represents 60% of the average income, while in Mexico it is 51% and in Chile it is 49%.
In that sense, Velarde warned that one of the consequences of this possible increase is that informal companies that were seeking to formalize would stop doing so. For this reason, he pointed out that established criteria are needed when analyzing these types of issues.
GROWTH
Julio Velarde also revealed that the BCR has modified upwards its economic growth projection for 2024, going from 3.1% in September to 3.2% in December. For 2025 it remained at 3%.
The projections take into account political uncertainty, citizen insecurity and illegal mining, where he noted that there is a lack of State presence.
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Likewise, he indicated that, although for next year they could modify upwards the estimate they have for 2025, populist measures “can derail” the most optimistic projections.
When asked about the opinion approved in Congress (for which reconsideration was presented) that proposes the elimination of commissions for bank transfers, the president of the BCR indicated that “it does not benefit anyone.” He added that “rather than saying that they have done something, it is not clear who benefits.”
On the other hand, the head of the Central Reserve Bank revealed that the fiscal deficit projection has been modified upwards, moving it from 3.3% of GDP to 3.7% by 2024. In that sense, he noted that it is necessary to “convince the authorities.” to comply with the fiscal rule next year. “It is worrying. I hope they are aware of this,” he said.
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