Peru’s net international reserves (RIN) experienced a resumption of significant growth in 2023, after posting a reduction in 2022, the
Central Reserve Bank (BCR) has reported.
As of December 20, 2023, net international reserves amounted to US$73.068 billion, US$1.184 billion higher than those recorded at the end of 2022.
In 2002, said reserves saw a decrease after closing the year at US$71.883 billion, a lower level than in 2021 (US$78.495 billion).
International reserves are made up of liquid international assets and their current level is equivalent to 28% of the gross domestic product (GDP).
The foreign exchange position on December 20, 2023 was US$51.347 billion, US$693 million lower than at the end of December 2022.
The lower foreign exchange position corresponds mainly to foreign currency sales of US$3.202 billion to the public sector, which the Treasury used to increase the Fiscal Stabilization Fund (US$1.699 billion) and to repurchase bonds (US$1.684 billion) as part of a public debt management operation (OAD).
International reserves guarantee the foreign currency availability in unusual situations that might occur due to external shocks resulting in eventual and possible withdrawals of foreign currency deposits and a subsequent capital flight from the financial system.
Also, adequate availability of foreign exchange reserves helps reduce the country risk with the subsequent improvement of the country credit ratings and better conditions to expand foreign investment in the country.
International reserves are particularly important in a context of globalization of international markets, reduction of barriers to capital flows and volatility of financial, foreign exchange and metal markets.
(END) JJN/JJN/RMB
Publicado: 1/1/2024