Credit to the private sector and liquidity: June 2015

Transcripción

1 Jun.213 Jul.213 Aug.213 Sep.213 Oct.213 Nov.213 Dec.213 Jan.214 Feb.214 Mar.214 Apr.214 May.214 Jun.214 Jul.214 Aug.214 Sep.214 Oct.214 Nov.214 Dec.214 Jan.215 Feb.215 Mar.215 Apr.215 May.215 Jun.215 Weekly Report N 28 July 24, 215 Indicators Ratio of credit dollarization in June at 34. percent Corporate prime rate in soles at 4.2 percent WTI oil Price fell to US$/bl 5,4 Content Credit to the private sector and liquidity: June 215 Operaciones monetarias y tasa de interés Corporate prime rate in soles at 4.2 percent Foreign exchange rate International reserves amount to US$ billion on July 22 Country risk at 186 basis points ix xi xii xiii xiv xv Credit to the private sector and liquidity: June 215 Total credit of depository institutions to the non-financial private sector including the loans placed by local banks branch offices in other countries increased.2 percent in June 215 (S/. 44 million) and 8.5 percent compared to June 214. Credit in Soles grew 1.9 percent in the month (S/. 3.2 billion) and 24.5 percent in the last twelve months. On the other hand, credit in dollars fell 3.2 percent (negative flow of US$ 864 million) and 14.4 percent in the last 12 months. Credit to the Private Sector (Annual % change) Total Domestic currency Foreign currency Corporate credit decreased.2 percent in June, while credit to individuals grew.9 percent in the month. In the segment of personal credit, consumer loans grew 1.2 percent while mortgage loans grew.6 percent.

2 Credit to the private sector by type of loan Monthly % change 12-month % change May.15 Jun.15 May.15 Jun.15 Loans to companies 1/ Corporate, large, and Medium-sized companies Small businesses Loans to individuals 3/ Consumer loans Mortgage TOTAL / Includes loans to legal persons and holdings of corporate bonds, including loans from foreign branches of banks. 2 / Includes non-profit organizations. Total liquidity in the private sector increased.5 percent in June (S/ billion) and thus recorded an annual growth rate of 6. percent. This increase of liquidity in June is explained by higher demand deposits (2.6 percent) and term deposits (.4 percent). In June, demand for currency fell (1.1 percent). Liquidity in soles increased.3 percent in the June (S/. 379 million), thus recording an annual growth rate of 6.9 percent. Liquidity in dollars grew 1. percent in the month (US$ 247 million) and thus recorded a rate of 4.5 percent in annual terms. Liquidity by type of liability Monthly % change 12-month % change May.15 Jun.15 May.15 Jun.15 Currency Deposits Demand deposits Saving deposits Term deposits CTS Securities and others 1/ TOTAL / Includes debt securities and other obligations issued by the depository corporations and by non-financial private sector. In June 215, the dollarization ratio of credit to the private sector declined to 34. percent. 5.8 percentage points lower than June 214. x

3 Jun.22 Jun.23 Jun.24 Jun.25 Jun.26 Jun.27 Jun.28 Jun.29 Jun.21 Jun.211 Jun.212 Jun.213 Jun.214 Jun.215 Dollarization ratio of credit (%) Operaciones monetarias y tasa de interés So far in July (at July 21), the BCRP has also continued carrying out its regular placements of BCRP- CDs with the aim of contributing to increase liquidity in the secondary market of these instruments and has continued injecting long-term liquidity in DC to contribute to the substitution of credit in dollars for credit in soles. Repos: The balance of repos at July 21 was S/ billion, with an average interest rate of 4.19 percent. At the end of June, repos showed a balance of S/ billion, with an average rate of 4.35 percent. Currency repos: The balance of currency repos increased from S/ billion on June 3 to S/. 22. billion on July 21, the average rate of these repos grew from 4.14 percent at the end of June to 4.16 percent. It should be pointed out that, of the balance of currency repos registered at July 21, ordinary currency repos amount to S/ billion, repos for credit expansion amount to S/. 5.9 billion, while repos for credit substitution amount to S/ billion maturing between 24 and 48 months to facilitate the conversion of credit in dollars to credit in soles. Auctions of Treasury deposits: Treasury deposits placed through auctions at July 21 showed a balance of S/. 1.9 billion at a rate of 4.47 percent. At the end of June, these operations registered a balance of S/. 1.4 billion at a rate of 4.49 percent. Auctions of funds of Banco de la Nación: Funds placed through auctions at the end of June showed a balance of S/. 6 million, with a rate of 4.54 percent. On July 21, these operations registered a similar balance and interest rate. BCRP-CDs: The balance of BCRP-CDs at July 21 was S/ billion, with an average rate of 3.45 percent. At the end of June, the balance was S/ billion, with an average interest rate of 3.43 percent. Term deposits: The balance of BCRP-CDs at July 21 was S/. 4 million, with an average interest rate of 2.99 percent. The balance, at the end of June, was nil. xi

4 Overnight deposits: At July 21, overnight deposits showed a balance of S/. 2 million, with an average rate of 2. percent. This balance at the end of June was S/. 686 billion, with a rate of 2. percent. In July 21, the Central Bank has also made operations in the spot market to reduce volatility in the foreign exchange rate. Interventions in the foreign exchange market: In the period of analysis, the BCRP sold US$ 1 million in the spot market. CDR BCRP: At July 21, these CDs showed a balance of S/ billion (US$ 75 million), with a rate of.46 percent. This balance at the end of June was S/ billion (US$ 36 million), with a rate of.2 percent. FX Swaps: The balance of these instruments at July 21 was S/ billion, with an average rate of.32 percent. At the close of June this balance was S/ billion, with an average interest rate of -.2 percent. On July 21, the interbank interest rate in soles showed a daily rate of 3.25 percent. Monetary and foreign exchange operations (Million S/.) Balance (Interest rate) Placement (Interest rate) Maturity Monetary operations Foreign exchange operations Injection Sterilization Repos Currency repos (Ordinary) Currency repos (Expansion) Currency repos (Substitution) Funds of Treasury Funds of Banco de la Nación CD BCRP Term deposits Overnight deposits CDR BCRP FX-Swaps Jun Jul Overnight 1-month 3-month 6-month 9-month 12-month 18-month 24-month 2,631 2,85 4,426 1, 3 3 5,87 (4.35%) (4.19%) (3.53%) (3.95%) (4.43%) (4.23%) 11,5 11,8 3 (4.29%) (4.29%) (4.2%) 5,1 5,9 8 (4.39%) (4.44%) (4.74%) 4,35 4,35 (3.41%) (3.41%) 1,4 1,9 5 (4.49%) (4.47%) (4.43%) 6 6 (4.54%) (4.54%) 16,583 15, ,85 (3.43%) (3.45%) (3.52%) (3.54%) (3.56%) (3.72%) 4 1,552 1,152 (2.99%) (2.94%) ,663 5,15 (2.%) (2.%) (2.%) 1,14 2,242 1,52 4 (.2%) (.46%) (.53%) 23,127 22,189 8,65 9,3 (-.2%) (.32%) (.52%) Corporate prime rate in soles at 4.2 percent On July 21, the corporate prime rate the interest rate charged by commercial banks to lower risk businesses in soles recorded a rate of 4.2 percent. In the same period, the corporate prime rate in dollars was.7 percent. xii

5 Jan.28 Mar.28 May.28 Jul.28 Sep.28 Nov.28 Jan.29 Mar.29 May.29 Jul.29 Sep.29 Nov.29 Jan.21 Mar.21 May.21 Jul.21 Sep.21 Nov.21 Jan.211 Mar.211 May.211 Jul.211 Sep.211 Nov.211 Jan.212 Mar.212 May.212 Jul.212 Sep.212 Nov.212 Jan.213 Mar.213 May.213 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar.215 May.215 Million US$ Nuevos soles per US dollar Average interest rate (%) Domestic currency Interbank Feb Mar Apr May Jun Jul Foreign currency Interbank Feb Mar Apr May Jun Jul days corporate prime 9-days corporate prime Feb.215 Mar.215 Apr.215 May.215 Jun Jul Feb.215 Mar.215 Apr.215 May.215 Jun Jul Foreign exchange rate On July 21, the average selling price of the dollar in the interbank market was S/ per dollar. Exchange rate and foreign exchange intervention Purchases Net purchases US$ -4 Net maturities of CDR BCRP Net maturities of FX-Swaps Foreign exchange Sales xiii

6 Sep.212 Nov.212 Jan.213 Mar.213 May.213 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar Jul.215 In the last months, the US dollar has been appreciating against most other currencies in recent months, as reflected in the evolution of the FED index since January 213. This appreciation of the dollar is associated with expectations that the Federal Reserve (FED) will start normalizing its interest rates. Fed index 1/ / Calculated taking into account currencies of US trading partners weighted by contributions. A rise in the index represents an appreciation of the US dollar. Source: FED. So far this year, most Latin American currencies including the Peruvian nuevo sol and the world s major currencies have depreciated against the US dollar. Year-to-day (at July 21), these currencies have depreciated 7.8 percent on average against the US dollar. Exchange Rate (Accumulated variation 215) Brazil 19.3% Colombia 15.9% Mexico 8.5% Chile 7.3% Peru 6.8% Exchange Rate (Accumulated variation 215) Canada 11.4% Euro 1.6% Japan 3.5% United Kingdom.1% US Dollar basket 7.8% International reserves amount to US$ billion on July 22 At July 22, international reserves amounted to US$ billion mainly made up by liquidity international assets. This level of reserves is equivalent to 29 percent of GDP and to 18 months of imports. xiv

7 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar.215 May Jul.215 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar.215 May Jul.215 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar.215 May Jul.215 International Markets Country risk at 186 basis points In the week of July 14-21, the country risk measured by the EMBIG Peru spread rose from 176 to 186 bps. Likewise, the EMBIG LatAm spread rose 8 basis points amid expectations of normalization of US monetary policy before year-end. Country Risk Indicator (Bps.) EMBIG Perú EMBIG Latam Price of gold at US$ 1,15.6 per troy ounce Variation in basis points 21 Jul.215 Weekly Monthly Annual EMBIG Perú (bps) EMBIG Latam (bps) Gold Price (US$/ troy ounce) 1,5 In the same period, the price of gold decreased 4.5 percent to US$ 1,15.6 per troy ounce. This fall due to a weak physical demand from Asia and the dollar's strength against its major counterparts. 1,4 1,3 1,2 1,1 1, 1,16 % change 21 Jul.215 Weekly Monthly Annual US$ 1,15.6 / troy oz Copper Price (cus$/pound) 4 In July 14-21, the price of copper fell.5 percent to US$ 2.48 per pound. The price of copper was influenced by concerns about global growth and rising inventories in the main metal exchanges % change 21 Jul.215 Weekly Monthly Annual US$ 2.48 / pound xv

8 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar.215 May Jul.215 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar.215 May Jul.215 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar.215 May Jul.215 In the same period, the price of zinc increased.5 percent to US$.93 per pound. The rise in the price of zinc is associated with decreased stocks in the London Metal Exchange and deficit data in the global refined zinc market in May. Zinc Price (cus$/pound) % change 21 Jul.215 Weekly Monthly Annual US$.93 / pound In July 14-21, the price of WTI oil rose 5.1 percent to US$ 5.4 per barrel. The price of oil dropped due to concerns about oversupply after continuous increase in crude stocks at Cushing, Oklahoma and prospects for Iran to increase its oil exports. WTI Oil Price (US$/barrel) % change 21 Jul.215 Weekly Monthly Annual US$ 5.4 / barrel Dollar appreciated against the euro Evolution of US$ per Euro (US$/Euro) 1.5 In July 14-21, the US dollar appreciated.7 percent against the euro amid FED members statements about a more likely increase of monetary policy interest rate before year-end Level % change 21 Jul.215 Weekly Monthly Annual US dollar/euro xvi

9 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar.215 May Jul.215 Trading volume - Million S/. General index Base Dec.1991=1 Jul.213 Sep.213 Nov.213 Jan.214 Mar.214 May.214 Jul.214 Sep.214 Nov.214 Jan.215 Mar.215 May Jul.215 Yield on 1-year US Treasuries at 2.33 percent Between July 14 and July 21 the 3- month Libor remained unchanged at.29 percent. On the other hand, the yield on the 1-year US Treasury bonds fell 7 bps to 2.33 percent, due to unfavorable quarterly results from corporates in the United States, which increased positions in bond investors. (%) Month Libor and 1-Year US Treasuries 1 year US Treasury bond 3-month libor Variación en pbs. 21 Jul.215 Semanal Mensual Anual Libor a 3 meses (%) Bonos de EUA (%) Lima Stock Exchange In July the General and Selective Index of the Lima Stock Exchange (LSE) fell 4.4 and 3. percent, respectively. The indices of the LSE were influenced by a decline in mining and industrial shares, with the fall in commodity prices. Lima Stock Exchange Indicators Trading Volume General Index 24, 22, 2, 18, 16, 14, 12, 1, Year-to-date, the General Index has fallen 17.3 percent and the Selective Index has fallen 1.3 percent. As of: % change compared to: 21 Jul Jul Jun Dec.14 General Index 12, Selective Index 18, xvii

10 Resumen de Indicadores Económicos / Summary of Economic Indicators RESERVAS INTERNACIONALES (Mills. US$) / INTERNATIONAL RESERVES Mar Jun Set Dic Mar May Jun 14 Jul 15 Jul 16 Jul 17 Jul 2 Jul 21 Jul Jul Acum. Acum. Acum. Acum. Acum. Acum. Acum. Var. Posición de cambio / Net international position Reservas internacionales netas / Net international reserves Depósitos del sistema financiero en el BCRP / Financial system deposits at BCRP Empresas bancarias / Banks Banco de la Nación / Banco de la Nación Resto de instituciones financieras / Other financial institutions Depósitos del sector público en el BCRP / Public sector deposits at BCRP * OPERACIONES CAMBIARIAS BCR (Mill. US$) / BCRP FOREIGN OPERATIONS Acum. Acum. Acum. Acum. Acum. Acum. Acum. Acum. Origen externo de la emisión primaria / External origin of monetary base Compras netas en Mesa de Negociación / Net purchases of foreign currency Operaciones swaps netas / Net swap operations -2 Compras con compromiso de recompras en ME (neto) / Net swaps auctions in FC Operaciones con el Sector Público / Public sector TIPO DE CAMBIO (S/. por US$) / EXCHANGE RATE Prom. Prom. Prom. Prom. Prom. Prom. Prom. Prom. Compra interbancario/interbank Promedio / Average 2,86 2,794 2,864 2,961 3,92 3,15 3,161 3,178 3,181 3,178 3,181 3,184 3,18 3,179 Apertura / Opening 2,87 2,795 2,866 2,965 3,94 3,153 3,163 3,18 3,181 3,182 3,182 3,187 3,183 3,182 Venta Interbancario Mediodía / Midday 2,88 2,795 2,866 2,963 3,94 3,152 3,162 3,178 3,181 3,179 3,182 3,186 3,181 3,18 Interbank Ask Cierre / Close 2,88 2,796 2,866 2,964 3,92 3,151 3,163 3,18 3,18 3,177 3,183 3,182 3,182 3,18 Promedio / Average 2,87 2,795 2,866 2,963 3,93 3,152 3,162 3,179 3,182 3,179 3,182 3,185 3,182 3,18 Sistema Bancario (SBS) Compra / Bid 2,86 2,793 2,863 2,96 3,9 3,149 3,16 3,175 3,18 3,177 3,18 3,182 3,179 3,177 Banking System Venta / Ask 2,87 2,795 2,865 2,963 3,93 3,152 3,162 3,179 3,182 3,179 3,182 3,186 3,182 3,18 Índice de tipo de cambio real (29 = 1) / Real exchange rate Index (29 = 1) 94,5 94,5 94,9 94,1 93,9 96,5 96, INDICADORES MONETARIOS / MONETARY INDICATORS Moneda nacional / Domestic currency Emisión Primaria (Var. % mensual) / (% monthly change) -4,6 1, -1,5 13,6,3-1,7 -,4 2,1 1,1 1,6 1,8 2,1 2,4 Monetary base (Var. % últimos 12 meses) / (% 12-month change) -14,3-1,9-5,7 3,7 3, 1,8-1,1 Oferta monetaria (Var. % mensual) / (% monthly change),1,9,2 5,9-1,6,1,3 Money Supply (Var. % últimos 12 meses) / (% 12-month change) 5,6 5,4 9,9 1,1 7,9 7,5 6,9 Crédito sector privado (Var. % mensual) / (% monthly change) 2,2,8 1,6 1,6 3,6 2,3 1,9 Crédit to the private sector (Var. % últimos 12 meses) / (% 12-month change) 25,3 22,4 18,3 18,2 19,2 23,2 24,5 TOSE saldo fin de período (Var.% acum. en el mes) / TOSE balance (% change) 1,7 1,8-1,8 1,5,5-1,3,8 1,3 1,,8,4,8 Superávit de encaje promedio (% respecto al TOSE) / Average reserve surplus (% of TOSE),1,1,1,3,3,5,3 1,,9,8,8,6 Cuenta corriente de los bancos (saldo mill. S/.) / Banks' current account (balance) Créditos por regulación monetaria (millones de S/.) / Rediscounts (Millions of S/.) Depósitos públicos en el BCRP (millones S/.) / Public sector deposits at the BCRP (Mills.S/.) Certificados de Depósito BCRP (saldo Mill.S/.) / CDBCRP balance (Millions of S/.) Subasta de Depósitos a Plazo (saldo Mill S/.) / Time Deposits Auctions (Millions of S/.)** CDBCRP con Negociación Restringida (Saldo Mill S/.) / CDBCRP-NR balance (Millions of S/.) CDBCRP-MN con Tasa Variable (CDV BCRP) (Saldo Mill S/.) / CDVBCRP- balance (Millions of S/.) CD Liquidables en Dólares del BCRP(Saldo Mill S/.) / CDLD BCRP- balance (Millions of S/.) *** CD Reajustables BCRP (saldo Mill.S/.) / CDRBCRP balance (Millions of S/.) Operaciones de reporte monedas (saldo Mill. S/.) / Currency repos (Balance millions of S/.) Operaciones de reporte (saldo Mill. S/.) / repos (Balance millions of S/.) TAMN / Average lending rates in domestic currency 15,61 16,2 15,69 15,68 16,9 16,1 16,18 16,15 16,11 16,1 16,4 16,11 15,97 16,2 Préstamos hasta 36 días / Loans up to 36 days **** 11,65 12,1 11,44 1,79 12,28 1,8 1,86 1,7 1,67 1,68 1,7 1,62 n.d. 1,81 Interbancaria / Interbank 4,1 4, 3,7 3,8 3,4 3,49 3,42 3,19 3,2 3,25 3,25 3,25 3,25 3,26 Tasa de interés (%) Preferencial corporativa a 9 días / Corporate Prime 4,96 4,93 4,46 4,7 4,2 4,43 4,1 4,5 4,5 4,23 4,23 4,23 4,23 4,16 Interest rates (%) Operaciones de reporte con CDBCRP / CDBCRP repos 4,11 4,3 3,86 4,56 4,8 4,16 4,16 4,18 4,18 4,18 4,18 4,18 4,18 Operaciones de reporte monedas / Currency repos 4,3 4,14 4,17 4,14 4,16 4,16 4,16 4,16 4,16 4,16 Créditos por regulación monetaria / Rediscounts ***** 4,8 4,8 4,3 4,3 4,5 4,5 4,5 4,5 4,5 4,5 4,5 4,5 4,5 Del saldo de CDBCRP / CDBCRP balance 3,85 3,82 3,72 3,64 3,56 3,5 3,43 3,45 3,45 3,45 3,45 3,45 3,45 Del saldo de depósitos a Plazo / Time Deposits s.m. s.m. s.m. s.m. s.m. 2,21 s.m. 2,94 2,95 2,95 2,95 3,11 2,99 Moneda extranjera / foreign currency Crédito sector privado (Var. % mensual) / (% monthly change) -,2 1,8-1, -,6-3,3 -,9-3,3 Crédit to the private sector (Var. % últimos 12 meses) / (% 12-month change) 2,2 5,7 3,9,3-4,6-9,6-14,1 TOSE saldo fin de período (Var.% acum. en el mes) / TOSE balance (% change) -,4,2 3,3 -,4,8 1, -,4,4 1,,4,3 -,1 Superávit de encaje promedio (% respecto al TOSE) / Average reserve surplus (% of TOSE),3,2,5,7,5 1,,1 5,6 5,3 5,1 4,8 4,1 Operaciones de reporte en ME (saldo Mill. US$) / repos in US$ (Balance millions of US$) Créditos por regulación monetaria (millones de US dólares) / Rediscounts TAMEX / Average lending rates in foreign currency 7,81 7,33 7,52 7,55 7,78 7,61 7,68 7,71 7,69 7,71 7,69 7,66 7,61 7,74 Tasa de interés (%) Préstamos hasta 36 días / Loans up to 36 days **** 5,72 5,4 5,33 5,34 5,42 5,3 5,6 5,8 5,7 5,9 5,1 5,6 n.d. 5,13 Interest rates (%) Interbancaria / Interbank,15,11,15,16,23,15,15 s.m. s.m. s.m.,15,15 s.m.,15 Preferencial corporativa a 9 días / Corporate Prime,65,62,78,74,84,8,81,65,65,65,65,65,65,66 Créditos por regulación monetaria / Rediscounts ****** s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. Compras con compromiso de recompras en ME (neto) s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. s.m. Ratio de dolarización de la liquidez (%) / Liquidity dollarization ratio (%) 34,2 33,4 32,5 32,2 34,9 35,5 35,8 Ratio de dolarización de los depósitos (%) / Deposits dollarization ratio (%) 41,8 4,7 4,1 39,8 42,6 43,5 43,7 INDICADORES BURSÁTILES / STOCK MARKET INDICES Índice General Bursátil (Var. %) / General Index (% change) Índice Selectivo Bursátil (Var. %) / Blue Chip Index (% change) Monto negociado en acciones (Mill. S/.) - Prom. Diario / Trading volume -Average daily (Mill. of S/.) INFLACIÓN (%) / INFLATION (%) Inflación mensual / Monthly,52,16,16,23,76,56,33 Inflación últimos 12 meses / % 12 months change 3,38 3,45 2,74 3,22 3,2 3,37 3,54 Acum. Acum. Acum. Acum. Acum. Acum. Acum. Acum. -7,4 5,8-4,6-2,1-7, -1,3 -,5,2 -,5 -,3-1,4-2,1,4-6,2-7,7 5,1-5,8-2,4-6,7 1,3,7,6,,1-1, -1,8,3-5,2 62,6 26,7 15,8 54,4 4,6 23, 16, 1,8 4,2 399,5 24,6 12,5 16,2 4,1 SECTOR PÚBLICO NO FINANCIERO (Mill. S/.) / NON-FINANCIAL PUBLIC SECTOR (Mills. of S/.) Resultado primario / Primary result Ingresos corrientes del GG / Current revenue of GG Gastos no financieros del GG / Non-financial expenditure of GG COMERCIO EXTERIOR (Mills. US$) / FOREIGN TRADE (Mills. of US$) Balanza Comercial / Trade balance Exportaciones / Exports Importaciones / Imports PRODUCTO BRUTO INTERNO (Índice 27=1) / GROSS DOMESTIC PRODUCT Variac. % respecto al mismo mes del año anterior / Annual rate of growth (12 months) 5,4,3 2,7,5 2,7 1,2 COTIZACIONES INTERNACIONALES / INTERNATIONAL QUOTATIONS Prom. Prom. Prom. Prom. Prom. Prom. Prom. Prom. LIBOR a tres meses (%) / LIBOR 3-month (%),23,23,23,24,27,28,28,29,29,29,29,3,29,29 Dow Jones (Var %) / (% change),83,65 -,32 -,3-1,97,95-2,17,42 -,2,39 -,19,8-1, 1,7 Rendimiento de los U.S. Treasuries (1 años) / U.S. Treasuries yield (1 years) 2,72 2,59 2,52 2,2 2,3 2,2 2,36 2,4 2,35 2,35 2,35 2,37 2,33 2,35 Spread del EMBIG PERÚ (pbs) / EMBIG PERU spread (basis points) Credit Default Swaps PERÚ 5 años (pbs) / CDS PERU 5Y (basis points) * Incluye depósitos de Promcepri, Fondo de Estabilización Fiscal (FEF), Cofide, fondos administrados por la ONP; y otros depósitos del MEF. El detalle se presenta en el cuadro No.12 de la Nota Semanal. ** A partir del 18 de enero de 28, el BCRP utiliza los depósitos a plazo en moneda nacional como instrumento monetario. *** A partir del a partir del 6 de octubre de 21, el BCRP utiliza Certificado de Depósito en Moneda Nacional con Tasa de Interés Variable (CDV BCRP) y CD Liquidables en Dólares (CDLDBCRP) como instrumentos monetarios. **** Las empresas reportan a la SBS información más segmentada de las tasas de interés. Estos cambios introducidos por la SBS al reporte de tasas activas (Res. SBS N ; Oficio Múltiple N SBS) son a partir de julio de 21. ***** A partir del 16 de enero de 215, esta tasa bajó a 4,5%. ****** Las tasas de interés para los créditos de regulación monetaria en dólares serán a la tasa Libor a un mes más un punto porcentual. Fuente: BCRP, INEI, Banco de la Nación, BVL, Sunat, SBS, Reuters y Bloomberg. Elaboración: Departamento de Publicaciones Económicas. xviii