2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for Peru


2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for Peru

Fund Relations

(As of October 31, 2019)

Membership Status: Joined 12/31/1945; accepted the obligations of Article VIII, Sections 2(a), 3, and 4 on 2/15/1961.

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Outstanding Purchases and Loans: None

Latest Financial Arrangements:

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Projected Payments to the Fund:

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Exchange Arrangements

Peru has a de jure floating exchange rate arrangement. On October 30, 2019 the average of interbank buying and selling rates was 3.35 soles per U.S. dollar. The exchange system is free of restrictions, except for those maintained solely for the preservation of national or international security, and which have been notified to the Fund pursuant to Executive Board Decision No. 144– (52/51).

Last Article IV Consultation

The 2018 Article IV consultation was concluded on June 18, 2018 (IMF Country Report No. 18/225).


Several joint Fund-Bank missions visited Lima in the period September 2000–January 2001 to conduct an FSAP for Peru. The corresponding Financial System Stability Assessment (FSSA) report was discussed by the Executive Board on March 12, 2001. A follow-up FSAP mission was concluded in February 2005. In April 2011, the Executive Board took note of the staff’s analysis and recommendations in the report on Peru’s FSAP Update. More recently, Fund-Bank missions visited Lima in the period July 2017—February 2018 to conduct another FSAP Update. Regarding ROSCs, In October 2002, an FAD mission conducted a Fiscal ROSC for Peru (IMF Country Report No. 04/109, 4/16/04), while an STA mission conducted a Data ROSC for Peru in February 2003 (IMF Country Report No. 03/332, 10/24/03).

Technical Assistance

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Relations with Other International Financial Institutions

World Bank Group:

Inter-American Development Bank:

Statistical Issues

(As of November 30, 2019)

General. Macroeconomic statistics are broadly adequate for policy formulation, surveillance, and monitoring. Peru subscribes to the Special Data Dissemination Standard (SDDS). A data ROSC was prepared and published in 2003.

Despite progress in recent years, there is scope for improvement in the following areas: (i) coordination among the agencies that compile official statistics to avoid duplication of efforts; (ii) publishing a single official measure of inflation for Peru with component regional indexes; (iii) redeveloping the wholesale price index (WPI) as a producer price index (PPI); (iv) finalizing the migration to the standardized report forms for monetary data related to other financial corporations; and (v) expanding the scope of data sources for compiling financial flows of individual residents.

National accounts. In 2014, the National Statistics Office (INEI) released a new national account series implementing the 1993 SNA and using 2007 as the base year. Recently INEI has made significant progress in in preparing historical series of the quarterly GDP for the period 1980–2007. Peru also continues to make progress, with STA assistance, on the compilation of quarterly sectoral accounts and balance sheet statistics to support domestic policy making. It is expected that INEI will finalize time series estimates by early 2020, at which point they will be in quarterly production of sector accounts.

Price statistics. The official measure of inflation for Peru currently is the CPI for Metropolitan Lima, compiled and published by INEI. The index is compiled using weights based on the 2008/09 Encuesta Nacional de Presupuestos Familiares (ENAPREF) and may no longer be representative of current expenditure patterns. The index would benefit from a weights and item basket update as well as implementation of the international standard classification (COICOP), A national level CPI has been published separately since February 2012. INEI compiles and publishes a WPI for Peru. Ideally the index would be redeveloped as a PPI with expanded coverage, so as to improve volume estimates in the national accounts.

The BCRP, assisted by STA, has recently updated the residential property price index for apartments in Lima implementing a hedonic property-mix adjustment methodology in line with international best practice.

Labor market statistics. The authorities monitor labor market developments using five indicators: open unemployment, underemployment, employment, employment in the formal sector, and remunerations. While monthly unemployment, employment and income data for metropolitan area of Lima from INEI are timely, only urban employment indexes are available from the Ministry of Labor for other areas and with some delays; monthly remuneration data for the government are timely but the monthly remuneration data for the private sector are no longer available. The nationwide unemployment and underemployment situation are surveyed quarterly, and INEI is now publishing a broader regional coverage of the labor market statistics based on the Encuesta Nacional de Hogares (ENAHO). The source for formal sector employment is the electronic registry of the tax agency (SUMAT), which covers both public and private entities. It would be useful to develop competitiveness indicators such as productivity and unit labor cost indexes.

Government financial statistics. The Central Bank (BCRP) compiles government finance statistics (GFS) following the GFSM2001, for the general government and its subsectors. Data for all subsectors are reported on a cash basis for revenues and on accrual basis for expenditures, and financial assets and liabilities are reported at face value. The coverage of published national budget data is narrower than the fiscal statistics prepared for the combined public sector. The authorities report data for publication in the Government Finance Statistics Yearbook (GFSY) using the GFSM 2001. No high frequency data is published in the International Financial Statistics (IFS) but is available from the weekly report of the BCRP.

Monetary and financial statistics: Monetary and financial statistics are reported on a regular monthly basis to STA using standardized report forms (SRFs) for the central bank and other depository corporations (government owned and private banks, financial companies, savings and loan associations and financial cooperatives). Data on other financial corporations (OFCs) have been recently reported and are under review. OFCs comprise insurance companies, pension funds, mutual funds, and other financial intermediaries and auxiliaries. The reported monetary statistics are broadly in line with the methodology of the Monetary and Financial Statistics Manual (MFSM).

Financial sector surveillance: The BCRP report on quarterly basis all twelve core financial soundness indicators (FSIs) and nine (out of thirteen) of the encouraged set for the deposit taking sector. No FSIs are reported for other sectors and real estate markets. BCRP and SBS report data on several series and indicators to the Financial Access Survey (FAS), including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs).

External sector statistics. The BCRP compiles quarterly balance of payments and international investment position (IIP) following the fifth edition of the Balance of Payments Manual (BPM5). Timeliness in data submission to STA should improve, as these data are reported to STA for publication in IFS and BOPSY once a year rather than quarter by quarter. Authorities should migrate to the latest methodological standards and strengthen efforts to improve: data coverage (including for manufacturing services on physical inputs owned by others, compensation of employees, money market funds and insurance corporations, and households); valuation (loans and debt securities are at face value rather than at nominal and market value); instrument classification and level of detail (particularly for other investment); delineation of reserves in IIP according with international standards (as participations in the FLAR and BIS should be excluded from reserves). Further, authorities should improve consistency among external sector statistics datasets (IIP and Coordinated Portfolio Investment Survey (CPIS), and IIP and external debt).

The BCRP has been reporting since August 2001 weekly data on international reserves in accordance with the Guidelines for a Data Template on International Reserves and Foreign Currency Liquidity. Since August 2006, the BCRP is including the full amount of the liquidity requirements in the reserve template both under official reserve assets and as a contingent net drain (as specified in Section III of the Data Template). Peru disseminates quarterly data on external debt

Authorities are encouraged to resume participation in the Coordinated Direct Investment Survey (their latest inward data are for 2013 and outward for 2010) and improve timeliness for the CPIS.

Peru: Table of Common Indicators Required for Surveillance

(As of November 30, 2019)

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Every Friday the central bank disseminates daily net international reserves, and weekly International Reserve Assets and Reserve Liabilities.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Including type of instrument, maturity and type of creditor.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC published in October 2003 and based on the findings of the mission that took place during February 12–26, 2003 for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), not observed (NO), or not available (NA).

Same as footnote 7, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.