Central Bank of Peru grapples with Fed tapering while rooting for a US recovery

Julio Velarde

The governor of the Central Bank of Peru (CBP) believes a "gradual normalisation of US monetary policy" would benefit the country's economy by rebalancing growth and boosting export demand.

In an interview published in the upcoming issue of Central Banking journal, Julio Velarde says the Peruvian economy – which is expected to continue to expand at a rate of 6% in 2013 and "is still highly dollarised", with 44% of outstanding credit in the financial system in US currency – has relied too much on

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