, held in Davos, Switzerland, from January 20 to 24.
During his presentation, Velarde highlighted that inflation in Peru closed last year at 2%, within the target range set by the issuing entity.
Likewise, the BCR official emphasized that inflation could be around 1% in the first quarter of this year. Besides, it is expected to close 2025 near 2%.
Velarde mentioned that in the Americas, Canada and Peru experienced low inflation, and the final stretch to reach 2% was not as difficult for our country.
He added that there are countries where inflation will also decrease, with the possible exception of Brazil, while in the United States, it is likely to remain around 2.5%.
Regarding the global outlook, Velarde stated that the U.S. dollar could strengthen this year, coinciding with the start of a new U.S. administration, as it is considered a safe-haven asset in times of uncertainty.
He recalled that poverty was influenced not only by the pandemic but also by the rise in commodity prices a few years ago. In Peru, the impact of certain foods, such as wheat, is much more significant than in developed countries.
"Therefore, the prices of raw materials impact us much more," he emphasized.
BCR Governor Julio Velarde participated in the panel discussion on Thursday, alongside Martin Schlegel, Chairman of the Board at the Swiss National Bank (SNB); Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation of Egypt; and Martin Wolf, Associate Editor and Chief Economics Commentator at the Financial Times.
At the event, he was joined by prominent figures from the digital financial industry, including Colombian David Velez, founder and CEO of Brazil-based Nubank; Valerie Urbain, CEO of financial services company Euroclear; Iain Williamson, CEO of Old Mutual Ltd; and Hisham Alrayes, CEO and Board Member of GFH Financial Group.