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Congress ratifies Julio Velarde as head of the Central Reserve Bank

With 18 votes in favor, 3 against and 6 abstentions, the Permanent Commission of the Congress of the Republic ratified the appointment of Julio Velarde Flores as president of the Central Reserve Bank of Peru (BCRP). Thus, Velarde Flores will remain at the head of the monetary authority for the fourth consecutive period.

As it is recalled, on October 8, the Executive appointed Julio Velarde as president of the BCRP, and as directors the economists Roxana Barrantes, Germán Alarco and José Távara.

Immediately afterwards, the four directors must swear before the president of the Supreme Court, Elvia Barrios.

Directors missing

In the case of the Congress of the Republic, it will be the Economic Commission that proposes the candidates. This list will go to the plenary session of Congress and the three candidates with the highest votes will be those designated by Parliament to replace Elmer Cuba, José Chlimper and Rafael Rey.

Subsequently, the legislative resolution with the Congress payroll will be published in the official newspaper El Peruano, after which they will also have to swear before the president of the Judiciary. After that, they will assume functions and will take a seat on the board of the Central Reserve Bank until July 28, 2026.

The data

No deadline. The date for Congress to appoint directors of the BCRP is variable, as happened in the notorious case of the distribution of the BCR, which delayed the appointment of directors for more than a year.

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