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  HOME | Peru

Peruís Reserves Rise Tenfold in Past Decade

LIMA Ė Peruís net foreign reserves rose tenfold in the past decade and currently rank as among the highest in the world on a per capita basis, an analyst with BCP Securities said.

Peruís foreign reserves totaled $58.32 billion as of May 15, BCP Securities analyst Walter Molano told the official Andina news agency.

ďItís not just outstanding that net foreign reserves have increased tenfold in the past decade, but that they are also among the highest in the world in per capita terms,Ē Molano said.

The growth in net foreign reserves shields the Peruvian economy in the face of the international financial crisis, the economist said.

Peru has also been protected from currency volatility over the past few years, Molano said.

The exchange rate stability in Peru is due, in large part, to the high level of dollarization of the economy, forcing the Central Reserve Bank, or BCR, to intervene in the market, the economic analyst said.

The BCR has purchased $8.07 billion in the exchange market this year, while it bought $4.83 billion and sold $1.19 billion in 2011, Andina said.
 

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