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Protests Continue Over Weekend, Congress Asks For Castillo Resignation

PERU
  • Thousands of Peruvians marched through Lima demanding the resignation of President Pedro Castillo on Saturday, as the leftist leader faces nationwide demonstrations against rising fuel prices.
    • Tensions have been building in Peru since Monday, when truckers called for a strike and protests broke out in Lima, Ica and other parts of the country over soaring costs of living.
    • Also making headlines with the potential to embolden the protestors - A bill to help poor Peruvians afford basic food items was changed by congress to also eliminate a tax on luxury products such as pheasant and fillet steak, according to the prime minister.
  • The Peruvian Congress asked President Pedro Castillo to step down Saturday after anti-government protests have continued since March 30. (Anadolu Ajansi)
  • Trade balance accumulated US$15.3 billion surplus as of Feb 2022 - which was higher than the amount recorded in the previous month (US$14.623 billion), the Central Reserve Bank (BCR) reported on Sunday. (Andina)
  • Peru Central Bank Chief Economist Adrian Armas spoke to the press on Friday following the BCRP’s decision to hike rates by 50bp.
    • He said transportation workers’ stoppages are creating additional inflationary pressures and that it will be difficult for mining companies to recover time lost on interruption, which could make it difficult to meet production plans for the year.
    • Additionally, the central bank sees February GDP growth of between 4.5% to 5%.
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