Undoubtedly, the success of the Central Reserve Bank (BCR) is because, in addition to having a president like Julio Velarde, the institution has autonomy that has allowed him, among other things, to generate trust. The president of the BCR himself points out that this trust is related to the people who work there.
“In the Central Bank, everyone has entered by contest, there has been no political influence. Really to any politician, congressman, ministers, president, it has occurred to him The National Society of Industries (SNI).
Similarly, he added that “in other parts there are continuous pressures to join new members. In addition, he said that they have professional, competitive and” well -evaluated “cadres before entering the monetary entity.
INFLATION
Confidence in the BCR is also influenced by prices. Julio Velarde He pointed out that Peru is the country that has more years with a inflation to a single digit. This even despite the health crisis.
“The confidence in the currency means that inflation expectations are better anchored,” said and highlighted the credibility that allows the institution not to make “such exceptional gestures” so that inflation remains low.
As recalled, in 2024, inflation was 1.9%, that is, it was within the target range of the BCR (between 1%and 3%). For this year, expectations point to inflation of about 2%.
The head of the BCR recalled that, during the pandemic, the decision was made to reduce the reference interest rate fell to 0.25%, however, then rose to 7.75%, and today it is already 4.75%.
“We lower the rate to almost zero. I think that can be achieved with credibility that takes years to build it. That credibility allowed us to raise the rate to 7.75%, and now (in 4.75%) it is also the lowest among the countries,” he added .
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