The president of the Central Reserve Bank (BCR), Julio Velardepointed out that he does not see risks in the short term that could generate a downward change in economic growth projections. However, he assured that “we are not vaccinated against bad governments.”
“(The internal risks) I don’t see them in the short term. We have withstood such stress tests that it is really impressive. Another country perhaps would not have resisted. It has been surprising how those events did not affect us so much,” he commented.
The head of the BCR made reference to the last 10 years in Peru and, although he did not mention what those stress tests would be, it must be remembered that in that period the country has had eight presidents, a pandemic, the closure of Congress, four leaders imprisoned and sentenced, increased insecurity, populist laws, among others.
In that sense, he pointed out that macroeconomic strength has allowed political tensions not to have a high economic cost, such as increased unemployment or lower growth.
For this reason, when he was asked for a message for the next elections, he summarized it as “stability and prudence.” He called on candidates and voters to remember the period of high prices that the country experienced. “The 70s and 80s were lost decades,” he added.
Similarly, he referred to insecurity and, although he noted that it is difficult to estimate the impact, he did indicate the consequences it is bringing. “I know businessmen, even medium and large ones, who have sent their families abroad. Each time they are beginning to look outside where to invest,” he declared.
UNSENSIBLE WITHDRAWAL
On the other hand, Julio Velarde described as “insense” the parliamentary proposal so that members of the National Pension System can withdraw part of their contributions from the ONP.
“It does not have a fund, it is a pay-as-you-go system. I distribute what active workers pay me to retirees,” he stated and indicated that the country needs the contributions to remain mandatory.
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