The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Latin America: Velarde insists Peru will keep setting the pace

A dynamic economy is transforming the country. The central bank governor predicts good times ahead for a nation rich in resources and competitive in manufacturing.

Julio Velarde, president of Peru’s central bank

Julio Velarde

Julio Velarde, president of Peru’s central bank, believes the country’s $40 billion of private pension funds will double in size during the next five years, helping capital markets to become even more dynamic. Peru’s economy has expanded at an annual average rate of 7.4% during the past five years, the fastest rate in Latin America. The central bank says it grew by 6.9% last year and forecasts 5.6% this year.

"Peru is being transformed," says Velarde. "The economy has grown so fast during the past five years every corner of the country is being impacted by the economic dynamism, not just the capital, Lima, but everywhere. The middle class has become much bigger during that period and it will continue to grow.

"A lot more people will buy pensions and other financial products in the future and that is why the pension funds industry will become much bigger. A bigger middle class also means much more domestic demand – it’s one of the main reasons why the economy has been expanding so fast."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree