Julio Velarde appointed president of Peru's Central Reserve Bank

The Peruvian Executive has officially appointed Julio Velarde Flores as the president of the board of the Central Reserve Bank of Peru (BCRP). The appointment was formalized through a supreme resolution endorsed by President Keiko Fujimori, Prime Minister Luis Galarreta, and Minister of Economy and Finance Elmer Cuba.

This designation marks Velarde’s fifth term leading the institution. Under the Peruvian Constitution and the BCRP’s organic law, the appointment requires ratification by the Senate. Velarde has held the position since 2006, and by 2031, he will have served 25 years at the head of the central bank.

The BCRP is responsible for maintaining the stability of the Peruvian sol and controlling inflation by regulating the money supply and interest rates. Velarde begins this new term with an annual inflation rate of 4.07% as of July 2026.