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Peruvian Central Bank Lifts Reserve Requirements to Cool Credit

Peru’s central bank increased reserve requirements for the third time in three months to cool credit demand.

The average ratio will rise by 0.75 percentage points for bank deposits in soles and dollars effective tomorrow, the central bank said in an e-mailed statement yesterday. The average deposit ratio last month was 16.9 percent for soles and 38.9 percent for dollars, it said.

“The measure seeks to act preventively to slow the pace of credit expansion in a context of high liquidity abroad and exceptionally low interest rates in international markets,” the central bank said in a statement.

The monetary authority increased the amount of reserves banks must hold at the central bank by 0.5 percentage points in May, September and October while maintaining its benchmark interest rate steady at 4.25 percent.

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