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PERU: 75% of Nation’s Ports to Remain Closed Until Jan 01

PERU
BulletPeruEM BulletEmerging Market News
  • Waves as high as four meters tall have inflicted severe damage on Peru’s coastline over the weekend, prompting the nation to close the majority of its ports and public beaches. Peru’s national centre for emergency operations announced 91 of the nation’s 121 ports would remain closed until Jan. 1 due to the strong surf, according to a post on X.
  • At least two people were also killed in neighbouring Ecuador from the surf, according to local news outlet El Universo.
  • Separately on Friday, the Government raised the minimum wage to 1,130 soles ($301) starting in January. This increase of 105 soles represents a rise of 10.2% from 2024.
  • Despite several bouts of Sol weakness this year that saw USDPEN rise above 3.85, the pair remains just 1% higher in 2024, with 3.75 remaining a solid technical/psychological pivot throughout. Inflation data for December is due on Wednesday, broadly expected to tick lower to 2.22% Y/y.
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  • Waves as high as four meters tall have inflicted severe damage on Peru’s coastline over the weekend, prompting the nation to close the majority of its ports and public beaches. Peru’s national centre for emergency operations announced 91 of the nation’s 121 ports would remain closed until Jan. 1 due to the strong surf, according to a post on X.
  • At least two people were also killed in neighbouring Ecuador from the surf, according to local news outlet El Universo.
  • Separately on Friday, the Government raised the minimum wage to 1,130 soles ($301) starting in January. This increase of 105 soles represents a rise of 10.2% from 2024.
  • Despite several bouts of Sol weakness this year that saw USDPEN rise above 3.85, the pair remains just 1% higher in 2024, with 3.75 remaining a solid technical/psychological pivot throughout. Inflation data for December is due on Wednesday, broadly expected to tick lower to 2.22% Y/y.