PERU ENJOYS EXTRAORDINARY LEVEL OF CREDIBILITY IN THE U.S. SAYS AMERICAN EMBASSADOR

Washington, Jan. 26 (ANDINA). Peru has achieved an extraordinary level of credibility in the United States due to its financial stability, investment-friendly environment and its respect for human rights and the democratic system, according to Peruvian Ambassador in Washington, Harold Forsyth.

Harold Forsyth, Peruvian Ambassador to the United States. Photo: ANDINA/Archive.

The diplomat said this is confirmed by the interest from the business sector in the upcoming inPERU Road Show USA 2013 -which includes stops in New York City, Chicago and San Francisco- from January 28 to 31.
"This shows the extraordinary level of credibility enjoyed by Peru thanks to its key economic achievements, responsible financial stewardship, investment friendly climate, and at the same time, its respect for human rights and the democratic system," he told cable news station Canal N.
Forsyth noted that Peruvian Ministers Jose Luis Silva of Foreign Trade and Tourism and Luis Miguel Castilla of Economy and Finance, as well as senior representatives from Peru's private investment agency Proinversion, the Lima Stock Exchange, the Central Reserve Bank and a group of 70 Peruvian entrepreneurs will attend the roadshows next week.
This is the first time in the last decades that the public and private sectors joined forces to launch roadshows in three different cities of the United States, he added.
inPERU is a non-profit Peruvian association which represents all major institutions related to the Peruvian financial markets.
Its main purpose is to strengthen relationships between foreign investors and its local participants (issuers, funds, brokers, regulators, among others) and become the main promoter and communication channel for interested parties.

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PERUVIAN CURRENCY S/. NUEVO SOL IS BECOMING STRONGER IN EXCHANGE TO THE U.S. DOLLAR

Historically in Peru currency crises have been because there were no dollars. Now thanks to the good economic management of the past 20 years and the relatively favorable international circumstances, our problem is an excess of dollars. That means that the exchange rate of the dollar declines, which makes imports cheaper and reduces the cost of living, but also discourages exporters and companies competing with imports mainly industrial companies.

Now we are reaching a point of crisis, and we may be already in crisis. Explained. Since the outbreak of the financial crisis in 2008-2009, starting in the United States, the major central banks, mainly the Federal Reserve and the Bank of England and European Central Bank have made huge efforts to avoid recession printing over the "machine" a shower of notes. This has lowered interest rates in these countries to a minimum and made large institutional depositors in these countries, especially the United States, seeking more profitable markets. One of them is Peru, the fastest growing economy in South America with the lowest inflation. Then, little by little, has been growing tide of dollars that come here.

The gradual appreciation of the exchange rate of the dollar has allowed sunlight have lower inflation and businesses, but not all, have been gradually adapted by improving their "competitiveness". But now we come to a crisis: the fact that the United States Congress and the Obama administration could not really deal with the so-called "tax gap", and now the end of February there will be a tremendous battle in Washington, makes tide of greenbacks to intensify. The Central Reserve Bank has purchased billions of dollars in recent years, but in recent weeks the tide has risen and the dollar has dropped more quickly. That does, as speculative investors know that the Bank is there to buy their dollars further come outside. But change is touching S/.2.50 per dollar, which is already very difficult for companies to defend themselves. If this trend continues and we S/.2.40 or 2.30, that level would lead to a real crisis in several sectors: agricultural exports, textiles and various other industrial products, with layoffs and bankruptcies. It's time to fight back in a much more aggressive.

Obviously, the central bank has to keep doing what you've been doing, but you must add the two other instruments have already used: purchase dollars and increase reserve requirements. It is essential to add to these measures, they both have their disadvantages, allow AFPs increase their investments abroad, if they wish. They are all almost the limit of 30% of its assets when legally could reach 50%. But to decide that the central bank will probably need the support of a decision of the full Board. Very unfortunately, the full Board does not exist because Congress has failed in the last year and a half to agree to appoint three directors missing. This indecision, irresponsible and regrettable, can have serious consequences for our economy. It is urgent to make decisions and appoint capable people, class, and has no questions. To that list we must add the Ombudsman and members of the Constitutional Court even not nominated.

There are other possible measures: one would allow companies to be Peruvian dollars abroad, and very considerable sum, to prepay and reduce some of these debts in exchange for a reduction of 30% withholding tax on these payments outside.

I think it is important to give a cry of alarm in time, so that does not happen what happened in neighboring countries that were left away by exaggerated appreciation of its exchange rate. Cite the case of Brazil, which last year grew only 1%, in part by an unsustainable appreciation of the real. Cite Chile's textile industry, which disappeared, and several Colombian companies that have faced the disaster and bankruptcy because their authorities were unable to cope with the wave of foreign dollars. We live in a time that is not normal: it is normal for the U.S. Treasury, about to face a serious fiscal crisis, is paying only 0% for three-month loans. That's not normal and so here we have to take extraordinary measures and not fall asleep. And Congress should take their responsibilities, because otherwise they would be jointly responsible for a serious problem for our economy.

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PERU`S ECONOMIC BOOM SPURS GROWTH OF MIDDLE CLASS,

Washington, London. Jan. 10 (ANDINA). Articles in The Washington Post and Financial Times highlight the impressive growth of Peru’s gross domestic product during President Ollanta Humala’s administration, which remains as the fastest-growing economy in Latin America, thus boosting the country's middle class.

This extraordinary development of the country's economy is driven mainly by domestic consumption of goods and services and foreign investments.
The articles also highlight the commitment of President Humala to reduce poverty levels to 15 percent by 2015 through a series of social programs aimed at benefiting the neediest and an increase in minimum wages and pensions. The report said that this spectacular growth was due for the further expansion of the country’s middle class, which leads and boosts consumption and generates synergies in all the economy’s sectors.

This adds to the steady decline in poverty during the last ten years in addition of the increasing levels of "banking" of the economy and the rise in wages which have increased at an annual rate of 6 and 7 percent in the past decade.

Indeed, the macroeconomic figures are reflected in the construction of malls in Lima’s popular areas such as "Mega Plaza Express", where consumption increase at an accelerated rate.
The Andean country’s gross domestic product rose 6.7 percent year on year in October 2012, marking 38 consecutive months of growth.

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PERU`S INDUSTRIALIZATION & TRANSFORMATION ON GAS ENERGY PROJECT - 2013

Cusco - Peru:

The Ministry of Energy and Mines, today announced the formal start of the process to carry gas projects promoted by the government which means "a great change for the country", thanks to natural gas , to be distributed in southern Peru, will also boost the economy and industrialization of Peru.

From the province of Anta (Cusco), where the president, Ollanta Humala, signed to give supreme resolutions Improvement country's energy security and Pipeline Development Southern Peru, and another on the draft Energy South Node, Merino announced that in two weeks will list the official call for tender that will begin construction of the pipeline.

Anta be stressed that the "exit" to transport natural gas to the rest of the southern region, as both high Andes to the coast, to Ilo (Moquegua) and Matarani (Arequipa), in order to boost business petrochemicals in the country.

"This is very important for the South Region Macro because we are at the start of construction of petrochemical complex in the south. With natural gas can get many products, including fertilizers, nitrates, etc.," said the minister, in his speech.

Merino Tafur thanked Congress for support, unanimously, the bill for energy security and development of the petrochemical, allowing enacting Law No. 29970, standard dictates rules to boost South Peruvian pipeline construction , the petrochemical and energy to the south node.

He recalled that this law ensures that natural gas will reach regions Arequipa, Apurimac, Cusco, Puno, Moquegua and Tacna, but there are also provisions for widespread natural gas and reach other regions, including Ayacucho and Huancavelica. "We request of Mr. President to move forward with natural gas projects in the shortest possible time, "he said

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NOTE: information was taken from the official government website of the Ministry of Energy & Mines

http://www.minem.gob.pe/descripcion.php?idSector=10&idTitular=5206

PERU`S SOARING ECONOMY AND EXPECTED TO GROW MORE IN THE COMING YEARS..!

HOW IS PERU`S ECONOMY OUTLOOK FORECAST - WATCH CNBC VIDEO INTERVIEW IN THE ANNUAL IMF MEETING IN TOKYO, 2012. NOW IN THE WORLD DOWN GRADING GLOBAL GROWTH AND HOW IS PERU HANDLING THE TRAIN OF IT`S ECONOMY  

PERU`S PRIME MINISTRY OF ECONOMY & FINANCE ( LUIS MIGUEL CASTILLA RUBIO) SAID THAT ARE 3 COMPONENTS

1-      A WELL MAINTAINED OF OUR MICRO-ECONOMICS FUNDAMENTALS

2-      WE HAVE AND KEEP AN OPEN ECONOMY WITH A LOW INFLATION

3-      ENABLE LING FOR A GOOD DOMESTIC AND FOREIGN PRIVATE INVESTMENT ENVIRONMENT  

PERU`S ECONOMY HAS BEEN GROWING NOT ONLY BECAUSE OF THE MINING SECTOR ALSO ON THE CONSTRUCTION BOOMING FOR THE LAST 5 YEARS, AS WELL AS TOURISM, AGRICULTURAL SECTOR AND AT THE END THE CONSUMPTION BOOMING OF PRODUCTS AND SERVICES WITH AN INTERNAL DEMAND DRIVEN ECONOMY CREATING A NEW WELL EDUCATED AND SOPHISTICATED MIDDLE CLASS. SHYING AWAY FROM PROTECTIONISM MEASURES TO KEEP PERU`S ECONOMY ON THE RIGHT TRACK 

PERU IS THE PLACE TO BE AND INVEST NOW..! 

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Cesar Moran

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JP MORGAN BANK OPENS IT`S DOORS IN PERU.

JP Morgan International Finance Limited,  filed out and sent its application for review and authorization to operate as a business organization bank in Peru, under the name JP Morgan Bank Peru, to the Superintendency of Banking and Insurance of Peru (SBS).

According to SBS, the international financial institution to comply with that request submitted in accordance with the provisions of the General Law of the Financial and Insurance Systems and Organic Superintendency of Banking and Insurance (LGSF).

To that end, had the unanimous consent of the Board of Directors of each of its shareholders and attaching the documents required by the regulatory body.

JP Morgan is one of the largest banks in the U.S. and one of the financial services companies in the world's oldest.

The U.S. firm supplied the documents necessary for it to the Superintendency of Banking and Insurance (SBS). He explained that the country would be named JP Morgan Bank Peru.
Tags: JP Morgan, SBS, JP Morgan Bank Peru, USA

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at

 www.jpmorganchase.com.

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