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Peru Buys Most Dollars in Seven Weeks on Tax Payments, Inflows

Peru’s central bank bought the most dollars in seven weeks as companies sold the U.S. currency to pay taxes in soles and banks scaled back their holdings.

The central bank sold local currency to purchase $170 million today, and said on its website it paid an average 2.5778 soles per U.S. dollar.

The sol has appreciated 0.5 percent this month as companies exchanged dollars before an April 19 deadline for monthly tax payments. Dollar supply from companies and foreign investors boosted local banks’ net holdings to $392 million on April 8, they cut them back to $311 million yesterday, according to Banco Central de Reserva del Peru data compiled by Bloomberg.

“Banks’ holdings were very high so they wanted to unload some” greenbacks said Antonio Diaz, a trader at Banco Internacional del Peru SAA in Lima. “Offshores have become a little more active, selling dollars in the forwards market and rolling over their expiring contracts,” Diaz said.

The sol was unchanged at 2.5780 per dollar at today’s close, according to prices from Datatec.

The central bank issued 100 million soles in one-year certificates of deposit to yield an average 3.74 percent, according to its website. After buying dollars, the monetary authority issues the securities to absorb the extra soles from the market through a process known as sterilization.

The yield on Peru’s benchmark 7.84 percent sol bond due August 2020 was little changed at 3.75 percent, according to data compiled by Bloomberg. The price fell 0.02 centimo to 125.86 centimos per sol.

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