For the third consecutive year, the restrictive monetary policies of the Central Reserve Bank (BCRP) failed to keep inflation in Peru at the planned annual goal, and the Consumer Price Index (CPI) recorded new progress of 3.24% in 2023, according to INEI. According to the organization, only in December inflation had an increase of 0.41%, […]
Tag: Julio Velarde
Inflation closed 2023 at 3.24%, above the BCRP target range
For the third consecutive year the consumer price index ended up above 3%, according to INEI data. Join the La República WhatsApp channel Price of the dollar in Peru: what is the exchange rate quote this Sunday, December 31? Public workers will have an increase of S/50 starting in January 2024 The consumer price index […]
MEF insists that the economy will grow 3% in 2024
While the worst economic year in more than two decades – not counting the pandemic – is dying, by 2024 the Ministry of Economy and Finance (MEF) continues to see the glass half full and insists that GDP will reach 3% in the next 12 months. The Executive’s reading coincides with that of the Central […]
After 22 years, the Government would fail to comply with the fiscal rule
The last time Peru failed to comply with the fiscal deficit rule, not counting the pandemic stage, was in 2000, when the economic result of the public sector exceeded 3% of GDP, above the limit set at that time. However, after 22 years, this scenario would happen again. And, according to the Central Reserve Bank […]
Agricultural sector fell 4% for October, the lowest performance in 30 years
The GDP of agricultural sector It contracted by 4% for the month of October, the worst performance in 30 years, when it fell by 7.7%, reported Julio Velarde, president of the Central Reserve Bank of Peru (BCRP). “We are going to have the worst performance in the year since 1992, which fell 7.7%. Until October […]
BCRP: Peruvian economy would fall 0.5% in 2023
The Central Reserve Bank of Peru (BCRP) revised downwards its estimate of the Peruvian economy. Thus, from projecting a growth of 0.9% three months ago, it now estimates that the national Gross Domestic Product (GDP) would register a fall of 0.5% at the end of 2023. Julio Velarde, president of the entity, explained that the […]
Executive will break the fiscal rule in 2023, warns Julio Velarde
The president of the Central Reserve Bank, Julio Velarde, anticipated that the public finance deficit will reach 2.5% in 2023, with which fiscal rules will be broken for the first time in 22 years. In a press conference, the head of the issuing entity said that the deficit that our country will mark towards the […]
Inflation will normalize after two years of rise
The year-on-year inflation in Metropolitan Lima It closed November at 3.64%, reaching its most moderate variation in 29 months – since June 2021 – according to the National Institute of Statistics and Informatics (INEI). Only in November the Consumer Price Index (CPI) – by its technical name – fell 0.16% while in the accumulated since […]
Greater contribution to pensions must be assumed by the employer
Peru is one of the countries with the lowest salary contribution rate in the region and far from the 18.4% OECD average. According to a study on pension systems in Latin America by the Friedrich Ebert Stiftung foundation (FES), Brazil registers a rate of 30%, Uruguay 25% and Argentina 20%. While in these three countries, […]
New AFP withdrawal would not be effective this year
Although the Economy Commission will seek to present a report to authorize a seventh withdrawal of the AFP next Wednesday the 29th —as confirmed by the president of this working group to La República—, the procedure that the initiative must follow will not allow workers to access this money at least this 2023. All scenarios […]