LIMA, Peru--The president of the Central Reserve Bank of Peru, Julio
Velarde, said that Peru's exports should recover in May after
declining sharply in the prior month, Radio Programas reported.
Mr. Velarde was reported as saying that Peru's exports should increase
by 16% to 20% in May compared with April.
In April, Peru's exports came in at $3.06 billion, down 11% compared
with the same month last year on a sharp decline in traditional
exports, which are mainly raw materials. The country posted a $144
million trade deficit in the month, according to figures from the
central bank.
Mr. Velarde was also reported saying that he would support increasing
the limit that Peru's private pension funds, or AFPs, can invest
abroad, which is set at 30%. Mr. Velarde said that the AFPs are
currently "excessively controlled," according to Radio Programas.
The central bank would need to consult with the Peru's banking,
insurance and pension regulator before it could increase the limit,
Mr. Velarde said. It would also require Congress to appoint the
remaining three directors to the central bank's board before it could
make a change, he added.
The executive branch reappointed Mr. Velarde as president of the
central bank and named three other directors in mid-2011. Congress has
delayed naming its representatives.
Write to Ryan Dube at ryan.dube@dowjones.com
(END) Dow Jones Newswires
June 13, 2012 08:38 ET (12:38 GMT)
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