If there is something that should make us proud of our authorities and make us believe that they can be better, it is the management of the Central Reserve Bank (BCR) to preserve monetary stability, the success of which more than one representative of the Boluarte administration has tried to take over.
According to the INEI, accumulated inflation in Metropolitan Lima reached 1.97% in 2024, with which not only did the BCR achieve its goal of anchoring inflation at levels between 1% and 3%, but it positioned Peru as one of the the economies with the lowest inflation in the world. This thanks to the management of monetary policy by Julio Velarde, president of the BCR, his team and the bank’s directors.
For example, in Chile the central bank expects inflation to end in 2024 at 4.8% and in Colombia, it expects it to reach 5.2%. Meanwhile, in the first half of December, the annual price variation in Brazil reached 4.7% and in Mexico it reached 4.44%. Even in developed economies such as the Eurozone, this indicator reached 2.3% and the United States at 2.7%, with data as of November.
With the result of 2024, Peru maintains the longest single-digit inflation period in Latin America, accumulating 27 years and 11 months. This achievement marks the longest period of monetary stability since the 1950s in the region.
The strongest currency
Another title that the Peruvian economy obtained was that the sol became the “most solid currency in the region.”
In 2024, the sol against the dollar only depreciated by 1.46%, after closing at 3.76 soles per dollar. However, in currencies of our peers in the region, the depreciation was double digits.
| Change in the price of the dollar (%) | |
| Brazil | 27.47 |
| Colombia | 13.68 |
| Chili | 12.79 |
| Mexico | 21.63 |
| Argentina | 27.4 |
| Peru | 1.46 |
“The stability of the currency is mainly explained by the solid macroeconomic fundamentals, the credibility of the Central Bank and its monetary policy, the high level of international reserves and a surplus trade balance,” indicated the BCR.
Furthermore, since 2000 the sol is the currency that has depreciated the least against the dollar (the currency increased 5.5%). The Chilean peso did so by 73%, the Colombian peso by 95.8%, the Mexican peso by 111.1% and the Brazilian real by 213.4%.
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