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Up to now, in 2018, the dollar has risen, in a context where the Federal Reserve should be more aggressive by raising interest rates. For the Central Reserve Bank (BCR) the price of the greenback could be inflated.
The president of the monetary authority, Julio Velarde considered that the North American currency it was considerably strengthened and "probably exceeds its foundations".
After the presentation of the silver commemorative coin at the 100th anniversary of the National School of Fine Arts of Peru, the official pointed out that the dollar has strengthened in an environment of high uncertainty.
"When there is a tendency to crisis, the dollar is still the refuge of the world.That's why the dollar has strengthened so far this year." It is hoped that this situation will be cyclical. "
LIMITED SPACE
Despite the global trend of the dollar, in Peru the currency depreciated by 1.65% this year ; despite the fact that the BCR has done very little in the foreign exchange market.
However, from January 2017 to date, the monetary authority has reduced the reserve rate in dollars from 70% to 35%. With that, he released currencies that lightened the rise in the exchange rate.
However, Velarde notes that this tool is exhausted, because the BCR has little space to continue to lower it.
"There is not much space [para disminuir el encaje]. Maybe one point or something else can be reduced, but we are very close to that. which is required for a country that does not issue money.It is reasonable that at least 30% or 33% of the deposits [en dólares] be in the BCR, "said Velarde. [19659011] DYNAMIC
On the side of the local economy, the official said that GDP would have increased somewhat above 5% in May, which would put growth in the first five months around 4, 5%. "We are relatively optimistic about the numbers," he said.
In this regard, he stressed that public investment is expected to be a driving force, and expressed his desire to A strong recovery, but with well-spent resources.
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