Central Reserve Bank (BCR) Governor Julio Velarde stated on Monday that Peru had not recorded such a long period of low inflation since 1850.
"We have the longest period of low inflation in all of Latin America since 1850, meaning for more than 170 years. And that has been achieved by a meritocratic team," he noted.
Julio Velarde assumed the BCR governorship on September 7, 2006, having been initially appointed during Alan Garcia's second government.
After receiving an honorary doctorate from Universidad Continental in recognition of his decisive contribution to the country's stability and development, Velarde said the prestige earned by the BCR is due in large part to the instability Peru has experienced.
"If there had not been this instability, the stability maintained by the BCR would not be so widely recognized. We have truly gained in terms of image because the country was suffering from major instability," he explained.
Instability affects growth
"When there is major instability, it does not refer only to the 10 presidents. There were also 39 prime ministers and 31 economy-finance ministers. What country can progress and maintain sustainable long-term policies while facing those continuous changes, not only of ministers, but deputy ministers, directors, and so on?" the BCR head said.
"Any investor with a project who speaks with a deputy minister or a director returns four months later and finds completely different people. Perhaps the problems the official had begun to understand must be explained again to someone else, which is why it is not surprising that our growth has been considerably lower," he added.
Velarde thanked Universidad Continental for awarding him an honorary doctorate, saying the only merit for which he believes he is receiving the recognition is for fulfilling what he was supposed to do: maintain price stability.
"I wish more and more institutions would fulfill the task entrusted to them; I believe that is essential. Fortunately, our task is clearly defined, a single objective, which is price stability, and we have achieved it," he expressed.
Without business or political interference
Julio Velarde said that during the years he has been leading the institution (since 2006), no type of political or business pressure was accepted regarding appointments or making certain decisions.
"At the Central Reserve Bank, fortunately, no type of pressure has been accepted, whether political or business-related, in matters of appointments or decision-making of any kind, and I believe that has allowed the BCR to fulfill its function," he concluded.
(END) CNA/MVB
Publicado: 27/4/2026