Bloomberg News

Velarde Says Delay in Naming Directors Harming Peru Central Bank

May 28, 2012

Peruvian lawmakers are being “irresponsible” by putting off a decision to replace three of the central bank’s seven directors, bank president Julio Velarde said.

The existing board can’t plan future strategy because it doesn’t know if the new directors will agree with their decisions, Velarde told reporters in Lima today.

President Ollanta Humala replaced three directors on the board on Oct. 3 and ratified Velarde to serve a second, five- year term. Now Congress needs to pick replacements for Beatriz Boza,Alfonso Lopez and Abel Salinas, who’ve been on the board since September 2006 and whose mandates have expired. They will remain as directors until replacements are named.

“It’s difficult to advance,” Velarde said. “There’s never been a situation before in which it’s taken so long to name. It’s clearly irresponsible.”

Jurgen Schuldt, Francisco Gonzalez and Rafael Lopez de Aliaga are candidates to be legislators’ representatives on the board, Congress said May 16.

To contact the reporter on this story: John Quigley in Lima at

To contact the editor responsible for this story: Joshua Goodman at

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