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The Central Reserve Bank (BCR) raised the operating limit of foreign investment to pension fund administrators (AFP) . In August, 49.5% of pension funds – depending on their type – can be invested in foreign capital markets and in September this limit will be 50%.
"The objective of this measure is to promote greater diversification of investments AFP ", said the monetary authority in a statement
This rise in the limit by 1 percentage point in the next two months would allow, according to BCR AFP 480 million additional US dollars to invest in financial instruments on international markets.
IMPACT
Until July 13 of this year, all AFP had 44.4% of their portfolio invested abroad. This diversification enabled them, in the first half of the year, to cushion the market volatility generated by trade tensions and the withdrawal of monetary stimulus measures from the US Federal Reserve
. in the first half of the year. During the year, the pension funds recorded losses of up to 1.4% compared to the same period of the previous year. The loss rate was 0.5% in fund 1, 0.8% in fund 2 and 1.4% in fund 3. However, the zero fund posted a positive return of 1.8%. 19659007] However, the size of the loss of pension funds was lower than that suffered by the shares of emerging markets (-7.7%) and the Peruvian stock market (-1.8%), product of diversification "In a portfolio that has to be invested as pension funds, diversification is important to manage the overall risk that is inevitable," said Roberto Melzi, vice president of investments at AFP Integra.
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