The President of Maximixe reports that the rise of the US dollar will not affect purchasing power of Peruvian citizens, after signs of its stable growth to continue throughout 2015.
Despite these assurances, President of the multidisciplinary consulting group, Jorge Chavez, explains that measures taken by the Central Reserve Bank of Peru (BCR) will seek to limit the currency’s growth.
According to Chavez, the BCR policies will act as a pincer to devalue the dollar value of loans and deposits, and thus will help the Peruvian sol. However, the dollar will in fact continue to rise.
The Federal Reserve has been acting on rising interest rates, and thus capitalizing on concerned investors. Those investors look toward the US for its security, and then leave their Latin American projects in the dust Chavez told Gestión.
He argued, The BCR has generated additional reserve in foreign currency, on the condition that the financial entities reduce their dollar portfolio and punish companies that provide mortgage and auto loans in that currency.
At the moment, measures taken by the BCR are moderate, says the president. The BCR will evaluate the impact of the measures in time, and in one or two months there could be slightly stronger measures in this regard, Chavez tells Gestión.
He continued to emphasize as well that, although the US dollar is rising, this is not a financial crisis, and does not affect affordability for Peruvians. The US dollar is appealing to investors but the Central Reserve Bank is on guard.