Por primera vez en dos anios, el BCP tuvo que vender dolares debido a la caida del sol a su nivel mas bajo en cuatro meses ante la preocupacion que el ex-militar Humala podria ganar las elecciones.
Vendieron $91 millones y emitieron $124 millones de certificados en soles debido a la fuerte volatilidad del sol, dijo el banco. La demanda de dolares vino de pensiones privadas, traders e inversionsitas extranjeros.
Peru Central Bank Sells Dollars for First Time in Two Years as Sol Weakens
By John Quigley - Apr 14, 2011 5:14 PM ET
Peru’s central bank sold dollars for the first time in more than two years after the sol dropped to a four-month low amid concern former military rebel Ollanta Humala may win a presidential runoff.
Banco Central de Reserva del Peru sold $91 million and issued 350 million soles ($124 million) of sol-indexed certificates amid “strong volatility” in the sol, the bank said in an e-mail. Demand for dollars came from private pension funds, local traders and foreign investors, it said.
Humala, a one-time ally of Hugo Chavez who pledged to renegotiate contracts with foreign companies, came first in the April 10 first round of the Andean country’s presidential election. Investors are concerned he may win a June 5 runoff against congresswoman Keiko Fujimori and increase state control of the $153 billion economy, said Enrique Alvarez, head of Latin American fixed-income research at IDEAglobal in New York.
“The market has a lot of doubts about what is going to happen on the political spectrum,” Alvarez said. “There is going to be a greater number of investors either leaving the market or trying to hedge their positions in greater numbers as we approach the second round vote.”
The sol ended little changed at 2.8225 per U.S. dollar today, from 2.8215 yesterday. The currency earlier fell to 2.8288, its weakest level since Nov. 30.
The yield on the nation’s benchmark 7.84 percent sol- denominated bond due August 2020 rose 20 basis points, or 0.20 percentage point, to a two-year high of 7.10 percent, according to Deutsche Bank AG’s local unit. The yield increased 45 basis points this week.
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