Andina

MEF: Peru is country with most international reserves in Latin America

Photo: ANDINA/Renato Pajuelo

Photo: ANDINA/Renato Pajuelo

18:00 | Lima, Sep. 20.

Economy and Finance Minister Jose Arista on Friday affirmed that Peru is the country with the highest Net International Reserves relative to its gross domestic product (GDP) in Latin America.

According to the Central Reserve Bank (BCR), Net International Reserves totaled (NIR) US$82.734 billion as of September 7, 2024.

"The BCR has just reported that we have (NIR worth) close to US$83 billion, which accounts for 30% of GDP, more or less," Arista told TVPeru.

"We are the country in Latin America that has the most International Reserves in relation to its GDP, by far," he underlined.

Likewise, the government official stressed that Peru's trade balance is positive, considering that the 
surplus reached US$2.297 billion last July.

"On the other hand, inflation in Peru has been in the single digits for a long time, and the BCR always wants to reduce that rate to a range between 1% and 3%," Arista stated.

"When it is already there, the Central (Reserve) Bank gradually begins to lower its reference interest rate, and I think it has done so twice, which is very good, because that is reactivating credit," he added.

The Cabinet member stressed that the issuance of corporate loans has begun to grow, considering that this can sustain a high economic growth rate.

"Corporate credit has now started to rise, but what is a bit worrying so far is investment growth, which is still slow; however, we are trying to generate optimism and make the economy much more predictable, aiming to create an investment-friendly environment," he concluded.

(END) CNA/MVB

Published: 9/20/2024