Peru Sol Rebounds as Central Bank’s Velarde Agrees to Stay

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Peru’s sol rebounded from a record low after Central Bank President Julio Velarde agreed to stay in the post for another five-year term, Bloomberg News reported. Velarde, 69, has been in the role since 2006, overseeing a long period of relatively strong growth and low inflation. After a series of conversations with new Finance Minister Pedro Francke about extending his tenure, the decision was made on Monday afternoon. The sol gained 1.6% to 4.05 per dollar at 9:10 a.m. in Lima, the biggest increase in emerging markets on Tuesday. Dollar bonds due in 2031 declined slightly while the iShares MSCI Peru ETF gained 0.5% to snap five days of declines. Read more.
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