The Central Reserve Bank (BCRP) decided to increase the reserve rate for obligations with average terms equal to or less than 2 years with foreign financial entities, subject to the special reserve regime, from 9% to 35%.
Through Circular No. 0011-2023-BCRP, the issuing entity indicated that this variation applies to obligations contracted as of July 1, 2023.
The document also confirms a modification of the additional reserve requirement based on the evolution of total credit in foreign currency.
He lace It is a monetary policy instrument that requires financial institutions to maintain a percentage of their obligations (mainly deposits) in the form of cash in a vault or checking account at the BCRP.
“These measures will allow the orderly growth of credit in foreign currency to continue, as well as generate incentives for financial entities to extend the average term of their debts abroad,” said the BCRP.
This Circular applies to multiple companies in the financial system and to investment banks referred to in the General Law of the Financial System and the Insurance and Organic System of the Superintendency of Banking, Insurance and AFP (SBS) and its amending laws.
It also applies to the Development Finance Corporation (Cofide), Banco Agropecuario and, where applicable, Banco de la Nación.
Source: Larepublica
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