Julio Velarde faces Senate ratification for BCRP presidency

Julio Velarde, President of the Central Reserve Bank of Peru (BCRP), is undergoing a parliamentary process for a new five-year term. The Peruvian Senate is scheduled to vote on a technical report regarding his ratification by September 9. During recent appearances before the Senate's Special Procedures Commission, Velarde addressed several economic issues, including the bank's role in managing exchange rate volatility and his opposition to government proposals to remove interest rate caps.

Velarde also highlighted the upcoming launch of TAPP (Automatic Peruvian Payment Transfers), a centralized retail payment platform inspired by India's UPI. Expected to launch by the end of the year, TAPP aims to foster competition and financial inclusion by allowing fintechs, digital wallets, and traditional banks to integrate into a single payment rail. This system will enable immediate transfers and payments between individuals and merchants through various third-party applications.

Additionally, Velarde raised concerns regarding the rise of illegal gold trade, noting that informal exports reached approximately $12 billion in 2025. He also emphasized Peru's low inflation rates relative to the region and defended the BCRP's independence, specifically regarding the protection of international reserves from being used to finance public infrastructure projects.