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PERU: Local Government Investment Rises To Record Level

PERU
BulletPeruEM BulletEmerging Market News
  • President Boluarte said yesterday that public investment reached historic levels last month, totalling $670mn, a 47% increase compared to January 2024, according to Andina. Boluarte said that this investment was due to higher budgetary execution by local governments, with Prime Minister Adrianzen noting that local spending on infrastructure and development more than doubled to $229mn in January. Boluarte said that the central government has strengthened its support to municipalities as well as holding forums to reactivate stalled projects.
  • Separately, AFP reports that ex-president Pedro Castillo will go on trial on March 4 for attempting to dissolve Congress and rule by decree to avoid impeachment.
  • Data wise, the calendar is light for the rest of the week, ahead of the Feb 13 BCRP MPC meeting. Saturday’s softer-than-expected January CPI inflation data look to have kept the door open to another rate cut this month. BBVA notes that previous cuts have not prevented the PEN from being among the global outperformers since November, making it one of three currencies to have appreciated against the greenback.
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  • President Boluarte said yesterday that public investment reached historic levels last month, totalling $670mn, a 47% increase compared to January 2024, according to Andina. Boluarte said that this investment was due to higher budgetary execution by local governments, with Prime Minister Adrianzen noting that local spending on infrastructure and development more than doubled to $229mn in January. Boluarte said that the central government has strengthened its support to municipalities as well as holding forums to reactivate stalled projects.
  • Separately, AFP reports that ex-president Pedro Castillo will go on trial on March 4 for attempting to dissolve Congress and rule by decree to avoid impeachment.
  • Data wise, the calendar is light for the rest of the week, ahead of the Feb 13 BCRP MPC meeting. Saturday’s softer-than-expected January CPI inflation data look to have kept the door open to another rate cut this month. BBVA notes that previous cuts have not prevented the PEN from being among the global outperformers since November, making it one of three currencies to have appreciated against the greenback.