*Peru’s central bank (BCRP) has said that the Peruvian sol was Latin America’s most stable currency in 2024, experiencing limited depreciation against the US dollar compared with other currencies. A BCRP report cited by state news agency Andina stated that the sol depreciated by 1.46% against the US dollar in 2024, which it said compared with depreciations of 27.47% for the Brazilian real, 27.40% for the Argentine peso, 21.63% for the Mexican peso, 13.68% for the Colombian peso, and 12.49% for the Chilean peso. The BCRP said that “currency stability is mostly explained by solid macroeconomic fundamentals, the credibility of the central bank and its monetary policy, high levels of international reserves, and a trade surplus”. The government has also claimed economic progress in 2024, with President Dina Boluarte saying in her new year’s address that the country had “overcome” the recession that occurred in the final quarter of 2023. The finance ministry announced yesterday that public investment reached a historic high in 2024, standing at PEN57.7bn (US$15bn), up 16% on 2023, while the trade ministry announced on 31 December that it expects 2024 exports to reach a record high of US$73bn.
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