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Latest News in Peru / Archive for Economy
Economy | 29 October, 2009 [ 18:01 ]
China Development Bank interested in opening office in Peru
Andina
The China Development Bank (CDB) is interested in the Peruvian financial market and will evaluate the possibility of opening a representation office in the Andean country, said the head of Peru's Bank and Insurance Superintendency (SBS), Felipe Tam, who held a meeting with the Chinese bank's officials.
The Chinese delegation was led by the general vice-director of the International Cooperation Department, Tian Yunhai, and composed of the member of the board of directors, Li Xiaoming, and the manager of the CDB's board of directors Office, Wu Yuanzou.
Tian Yunhai said numbers showed by the SBS ratified CDB's interest in Peru, a country which has a strong financial system and positive economic indicators in the last years.
These factors have allowed the country to better overcome the international financial crisis compared to other Latin American countries.
He also praised Peru's non-discriminatory treatment for national and international investors, encouraging a strong competition in the local market.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
The China Development Bank (CDB) is interested in the Peruvian financial market and will evaluate the possibility of opening a representation office in the Andean country, said the head of Peru's Bank and Insurance Superintendency (SBS), Felipe Tam, who held a meeting with the Chinese bank's officials. The Chinese delegation was led by the general vice-director of the International Cooperation Department, Tian Yunhai, and composed of the member of the board of directors, Li Xiaoming, and the manager of the CDB's board of directors Office, Wu Yuanzou.
Tian Yunhai said numbers showed by the SBS ratified CDB's interest in Peru, a country which has a strong financial system and positive economic indicators in the last years.
These factors have allowed the country to better overcome the international financial crisis compared to other Latin American countries.
He also praised Peru's non-discriminatory treatment for national and international investors, encouraging a strong competition in the local market.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 24 October, 2009 [ 10:54 ]
Peru International Reserves totaled US$ 33.19 billion by October 20th
Andina
Peru’s Net International Reserves (NIR) amounted to US$ 33.19 billion by October 20, US$ 1.06 million more than September’s closing, the Central Reserve Bank of Peru (BCR) reported Saturday.
This increase is mainly explained by the BCR foreign currency purchases (US$ 910 million), higher valuation of investments (US$ 141 million), and higher deposits (US$ 42 million).
However the public sector deposits decreased by US$ 34 million in the mentioned period.
The BCR’s international investment position by October 20 was US$ 23.11 billion, US$ 1.05 billion higher than September’s closing.
Between October 13 and 20, the daily average of the 90-day corporate rate in domestic currency decreased from 1.76 to 1.73 percent, while this rate in dollars rose from 1.11 to 1.38 percent.
So far this month, the average daily interbank interest rate continued its downward trend dropping to 1.11 percent.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Peru’s Net International Reserves (NIR) amounted to US$ 33.19 billion by October 20, US$ 1.06 million more than September’s closing, the Central Reserve Bank of Peru (BCR) reported Saturday. This increase is mainly explained by the BCR foreign currency purchases (US$ 910 million), higher valuation of investments (US$ 141 million), and higher deposits (US$ 42 million).
However the public sector deposits decreased by US$ 34 million in the mentioned period.
The BCR’s international investment position by October 20 was US$ 23.11 billion, US$ 1.05 billion higher than September’s closing.
Between October 13 and 20, the daily average of the 90-day corporate rate in domestic currency decreased from 1.76 to 1.73 percent, while this rate in dollars rose from 1.11 to 1.38 percent.
So far this month, the average daily interbank interest rate continued its downward trend dropping to 1.11 percent.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 20 October, 2009 [ 10:47 ]
Peru: Scotiabank foresees a GDP of 1.4 percent for 2010
LivinginPeru.com
Isabel Guerra
Scotiabank reduced its expectatives of economic growth and now foresees a Gross Domestic Product of 1.4% for this year, instead of the 2.3% that was expected.
“This downward correction (in the annual projection) is explained by a settlement considering the rates registered in the past months, rather than a change in our expectations in relation to next months,” Analyst with Scotiabank Peru Juan Pablo Ramos said.
In addition, he said that during the fourth trimester of 2009 the economy will have a rebound in grow rates, increasing by 4% and 4.5%.
Scotiabank now foresees that the GDP is likely to grow by 4.2% in 2010.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Scotiabank reduced its expectatives of economic growth and now foresees a Gross Domestic Product of 1.4% for this year, instead of the 2.3% that was expected. “This downward correction (in the annual projection) is explained by a settlement considering the rates registered in the past months, rather than a change in our expectations in relation to next months,” Analyst with Scotiabank Peru Juan Pablo Ramos said.
In addition, he said that during the fourth trimester of 2009 the economy will have a rebound in grow rates, increasing by 4% and 4.5%.
Scotiabank now foresees that the GDP is likely to grow by 4.2% in 2010.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 19 October, 2009 [ 15:58 ]
Peru: coffee exports might amount US $1 billion this year despite crisis
LivinginPeru.com
Isabel Guerra
The National Board of Coffee's General Manager, Lorenzo Castillo, informed that coffee farming has been reduced by 25% this year due to climatic changes and the ageing of coffee fields.
Estimations foresee that Peruvian coffee exports will reach 3.4 million quintales (one quintal equals 64kg) this year.
However, the international demand for coffee remains growing despite global crisis, and might grow to 6 or 7 million quintales, which would allow Peruvian exports to reach US $1 billion.
"Peruvian coffee is high quality, but lacks a good marketing strategy, and that is the reason why many Peruvian products have low prices," Castillo pointed out.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
The National Board of Coffee's General Manager, Lorenzo Castillo, informed that coffee farming has been reduced by 25% this year due to climatic changes and the ageing of coffee fields.
Estimations foresee that Peruvian coffee exports will reach 3.4 million quintales (one quintal equals 64kg) this year.
However, the international demand for coffee remains growing despite global crisis, and might grow to 6 or 7 million quintales, which would allow Peruvian exports to reach US $1 billion.
"Peruvian coffee is high quality, but lacks a good marketing strategy, and that is the reason why many Peruvian products have low prices," Castillo pointed out.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 16 October, 2009 [ 12:04 ]
Peru's economy grew 2.53 percent, according to INEI
LivinginPeru.com
Isabel Guerra
Peru's economy grew 2.53% between September 2008 and August 2009, while under the effects of an international financial crisis, reported the National Institute of Statistics and Informatics (INEI).
Official data released by INEU show that the recovery of Peruvian's economy is growing, and that just in August it grew 0.25%, despite unfavorable circumstances.
Peru, with a Gross Domestic Product (GDP) of US $217,500 million, has had positive indicators in August, after registering drops in June and July.
The recovery has been led by construction, agriculture and mining sectors, which grew by 5.21%, 1.65% and 0.95%, respectively.
A total growth of 1.8% is expected by the end of 2009.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Peru's economy grew 2.53% between September 2008 and August 2009, while under the effects of an international financial crisis, reported the National Institute of Statistics and Informatics (INEI). Official data released by INEU show that the recovery of Peruvian's economy is growing, and that just in August it grew 0.25%, despite unfavorable circumstances.
Peru, with a Gross Domestic Product (GDP) of US $217,500 million, has had positive indicators in August, after registering drops in June and July.
The recovery has been led by construction, agriculture and mining sectors, which grew by 5.21%, 1.65% and 0.95%, respectively.
A total growth of 1.8% is expected by the end of 2009.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 9 October, 2009 [ 09:24 ]
Peru ranks 15th in bank stability
LivinginPeru.com
Isabel Guerra
Peru is currently in the 15th position, surpassing México, Brasil and Colombia, in the Banking System Stability Ranking made by the World Economic Forum (WEF) to elaborate its Financial Development Index 2009.
Meanwhile, Peru ranks 42th in the Financial Development Index, surpassing México (43), Colombia (46), Argentina (51) and Venezuela (55), but behind Panamá (29), Chile (31) and Brasil (34), according to the aforementioned WEF report.
The report also highlights Peru’s non-distortionary tax system (16th) and the fairly good disclosure of financial information (21st) within the country’s banking system.
Peru also ranks first in the agregate macropudential indicator, which measures the macroprudential soundness based on real Gross Domestic Product growth, deposit interest rate, inflation volatility, and inflation level.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Peru is currently in the 15th position, surpassing México, Brasil and Colombia, in the Banking System Stability Ranking made by the World Economic Forum (WEF) to elaborate its Financial Development Index 2009. Meanwhile, Peru ranks 42th in the Financial Development Index, surpassing México (43), Colombia (46), Argentina (51) and Venezuela (55), but behind Panamá (29), Chile (31) and Brasil (34), according to the aforementioned WEF report.
The report also highlights Peru’s non-distortionary tax system (16th) and the fairly good disclosure of financial information (21st) within the country’s banking system.
Peru also ranks first in the agregate macropudential indicator, which measures the macroprudential soundness based on real Gross Domestic Product growth, deposit interest rate, inflation volatility, and inflation level.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 6 October, 2009 [ 22:44 ]
Peru's BCP buys more stock of Edyficar
LivinginPeru.com
Isabel Guerra
Banco de Crédito (BCP), the biggest bank in Peru, reached an agreement with International Financial Corporation (CFI) to purchase the 5.4% stake that the latter owns in Peruvian finance company Financiera Edyficar, for US$5.19mn,
BCP announced in September that they were to acquire a 77.2% stake in Edyficar from NGO CARE, and no they will buy an additional 8.5% stake in the finance company from US-based Microvest.
BCP will pay for with its own funds, and will take control on 91.1% of Edyficar's total stock after the transaction.
Edyficar (which has 195,000 clients) will continue to operate independently, focusing on low-income earners.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Banco de Crédito (BCP), the biggest bank in Peru, reached an agreement with International Financial Corporation (CFI) to purchase the 5.4% stake that the latter owns in Peruvian finance company Financiera Edyficar, for US$5.19mn, BCP announced in September that they were to acquire a 77.2% stake in Edyficar from NGO CARE, and no they will buy an additional 8.5% stake in the finance company from US-based Microvest.
BCP will pay for with its own funds, and will take control on 91.1% of Edyficar's total stock after the transaction.
Edyficar (which has 195,000 clients) will continue to operate independently, focusing on low-income earners.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 6 October, 2009 [ 13:00 ]
Peru's Country-Risk Index drops to 2.00 points
LivinginPeru.com
Isabel Guerra
Following the regional tendency, Peru's country risk index dropped 14 basic points, from 2.14 percentage points to 2.00, according to Peru's EMBI + calculated by the investment bank JP Morgan.
The EMBI + Peru is measured by the difference in the average performance of Peruvian sovereign bond yields versus U.S. Treasury bonds.
This is a way to estimate the political risk and the possibility that a country may not be able to comply with its payment obligations to international creditors.
That is, this index asseses the degree of "danger" that a country poses to foreign investment.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Following the regional tendency, Peru's country risk index dropped 14 basic points, from 2.14 percentage points to 2.00, according to Peru's EMBI + calculated by the investment bank JP Morgan. The EMBI + Peru is measured by the difference in the average performance of Peruvian sovereign bond yields versus U.S. Treasury bonds.
This is a way to estimate the political risk and the possibility that a country may not be able to comply with its payment obligations to international creditors.
That is, this index asseses the degree of "danger" that a country poses to foreign investment.
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 2 October, 2009 [ 13:33 ]
Peru's Nuevo Sol amongst the currencies which value has risen in the region
LivinginPeru.com
Isabel Guerra
Peru's currency, Nuevo Sol, is one of the four ones which value has risen in the region against the US. dollar, behind Brazil, Chile and Colombia, according to a study by consultant firm Economática.
The Peruvian currency has increased its value in 7.99% against the dollar from January 1st to September 30th this year, lower than Brazilian real (which rose) 31.44%, the Chilean peso (17.01%) and Colombian peso (16.73%).
During the first nine months of the year, these four countries accumulated a revaluation against the dollar even higher than the euro (5.22%), according to this study.
The only currencies which increased their exchange rates between July and September were the Colombian peso (12.31%), the Brazilian real (9.76%) and the Peruvian Nuevo Sol (3.48%).
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Peru's currency, Nuevo Sol, is one of the four ones which value has risen in the region against the US. dollar, behind Brazil, Chile and Colombia, according to a study by consultant firm Economática. The Peruvian currency has increased its value in 7.99% against the dollar from January 1st to September 30th this year, lower than Brazilian real (which rose) 31.44%, the Chilean peso (17.01%) and Colombian peso (16.73%).
During the first nine months of the year, these four countries accumulated a revaluation against the dollar even higher than the euro (5.22%), according to this study.
The only currencies which increased their exchange rates between July and September were the Colombian peso (12.31%), the Brazilian real (9.76%) and the Peruvian Nuevo Sol (3.48%).
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Economy | 1 October, 2009 [ 16:49 ]
Peru likely to grow most among Latin America's top economies the next two years
LivinginPeru.com
Isabel Guerra
According to the International Monetary Fund's latest “World Economic Outlook," Peru will have the fastest-growing Gross Domestic Product in the region this year and next.
The IMF figures foresee that Peru's GDP will expand by 1.5% this year and 5.8 percent next year.
Brazil's economy is expected to fall by 0.7%, while Mexico will likely see a 7.3% percent decline this year, before recovering next year with a 3.3% growth. Argentina, will see a GDP decline of 2.5%, but is expected to recover 1.5% next year.
Venezuela will see a decline of 2.0% this year and a further fall of 0.4% next, which will make it the only country among the nine that will continue in recession into 2010.
In general, Latin America's economies are expected to see 2.5 percent fall this year and a 2.9 percent expansion next year.
(Condensed from LatinBusinessChronicle.com – Joachim Bamrud)
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
According to the International Monetary Fund's latest “World Economic Outlook," Peru will have the fastest-growing Gross Domestic Product in the region this year and next. The IMF figures foresee that Peru's GDP will expand by 1.5% this year and 5.8 percent next year.
Brazil's economy is expected to fall by 0.7%, while Mexico will likely see a 7.3% percent decline this year, before recovering next year with a 3.3% growth. Argentina, will see a GDP decline of 2.5%, but is expected to recover 1.5% next year.
Venezuela will see a decline of 2.0% this year and a further fall of 0.4% next, which will make it the only country among the nine that will continue in recession into 2010.
In general, Latin America's economies are expected to see 2.5 percent fall this year and a 2.9 percent expansion next year.
(Condensed from LatinBusinessChronicle.com – Joachim Bamrud)
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
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