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Finance Minister Confident PEN To Remain Stable

PERU
  • Economy and Finance Minister Alex Contreras has projected the nation’s inflation rate to converge to the 2% target in 2024. Contreras commented on the atypical economic conditions in 2023, including challenges such as bird flu affecting chicken prices, El Nino impacting lime prices, and Cyclone Yaku's impact on agricultural prices.
  • Contreras pointed to the collaborative efforts of the central bank and the finance ministry in stabilising prices. He acknowledged the possibility of temporary price increases but asserted that the overall trend is towards greater price stability.
  • On currency predictions, Contreras noted 'the BCR has the necessary mechanisms to moderate exchange rate fluctuations. Besides, a reduction in interest rates in the United States is also expected for 2024, which will help the Peruvian sol maintain its strength, since, without any doubt, it is the most stable currency in the region'.
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