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Government To Provide Liquidity To Petroperu Via A State Bank

PERU
  • Finance Minister Arista said yesterday that the government will give liquidity to state-owned oil company Petroperu through guaranteed funding via a state bank. Arista didn’t give details on how much funding would be made available to Petroperu or the manner in which the funding would be provided. In a separate posting on X later, the minister’s cabinet also said that Petroperu’s board would be reorganised immediately, citing Prime Minister Otarola.
  • USDPEN has remained steady over the last two sessions following the recent intervention by Peru’s central bank. As noted previously, HSBC estimate that BCRP’s total intervention in selling dollars through the FX swaps and spot markets in February is over $1.5bn. USDPEN has traded close to 3.80 in recent sessions, taking the pullback from the February highs to around 2.35%.
  • No data releases in the local docket today. The focus later this week will be on February CPI inflation, which analysts expect to tick down to 2.94% y/y, ahead of next week’s BCRP MPC meeting.
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