on Wednesday awarded the Order of the Sun of Peru in the Rank of Grand Cross to
During the event, the Head of State highlighted the BCR chief's career trajectory, as well as that of the monetary authority, which provides stability and confidence to the South American country.
"The decoration we bestow today on behalf of a grateful Nation not only celebrates your distinguished career and impeccable trajectory, but also something deeper: the value of technical continuity, institutional responsibility, and public trust," Balcazar stated.
Framework for decision-making
The President noted that under the BCR chief's leadership across several governments, the Peruvian currency (sol) has been strengthened, "as an act of social justice, because when a monetary authority is solid, the country gains an anchor of stability, when it is predictable and competent."
The top official said the monetary authority's strength protects citizens' purchasing power and workers' savings.
He added that national and international companies plan and invest with confidence, while the Peruvian State finds "a framework of reference for its decisions that wll foster progress, identity, territorial equity, and well-being."
"Therefore, in recognizing this career, we also recognize the significance of an institution that must be upheld above circumstances with professionalism and respect for its duties, in times of uncertainty arising from the historical circumstances a country goes through or from abroad," Balcazar expressed.
BCR fulfills its mandate
Julio Velarde thanked for the award on behalf of the BCR, which he said is a "highly meritocratic" institution that has been able to preserve its autonomy, allowing it to fulfill its duties.
"I speak on behalf of the Central Bank team because we have indeed fulfilled the duty entrusted to us. Within the region, we are the country with the longest period of low inflation—we have surpassed Chile—not only is it the longest period in the region, but in the past 150 years there has not been such a long period of low inflation," he expressed.
In that regard, the BCR governor noted that the price index is an important factor, as Peru has experienced over the past 150 years.
"It is not only inflation, but the consequences it brings—economic decline and impoverishment—as we have seen not only in Peru, but across our region," he stated.
Foreign Affairs Minister Hugo de Zela also took part in the decoration ceremony for the BCR governor.