Bloomberg News

Velarde Favors Less Control for Peru Funds, Radio Programas Says

June 12, 2012

Peru’s private pension funds should be allowed to hold a wider range of assets and invest more overseas, Radio Programas reported citing comments by central bank President Julio Velarde.

The central bank can’t increase the 30 percent ceiling on the funds’ foreign investments until Congress has named new directors to the bank’s board, Velarde told television channel Canal N, according to the website of Lima-based Radio Programas.

Before adjusting the limit, the central bank must consult the country’s financial regulator, whose chief Superintendent Daniel Schydlowsky is opposed to any increase, Velarde said, according to Radio Programas. Giving the funds more freedom to invest will help boost returns for pension-holders, he said.

To contact the reporter on this story: John Quigley in Lima at jquigley8@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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