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Cabinet To Discuss PetroPeru, PEN Continues Recovery

PERU
  • Cabinet members are expected to meet today to discuss the situation at state-owned PetroPeru, according to newly appointed Energy and Mines Minister Romulo Mucho who spoke at a press conference on Monday. Mucho added that Finance Minister Jose Arista and Prime Minister Alberto Otarola will also be present.
  • Reports continue to circulate that Peru’s central bank has been selling dollars through FX swaps and spot markets, according to traders. The BCRP reportedly hit bids in spot markets minutes before the close on Friday, repeating the action from Thursday. Subsequently, USDPEN has continued lower and closed Monday’s session below 3.80 for the first time since Jan 26. This extends the pullback from the February highs to 2.37%.
  • Separately, President Boluarte has presented her Government's first administration report of 2024, in which she explained to citizens the measures that are being implemented to address major challenges —such as insecurity, the closing of infrastructure gaps, and economic growth— and give Peru a horizon of progress. (Andina)

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