Inflation August Trade Balance July Monetary accounts of the BCRP August Interest rates and exchange rate September 5, 2017

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1 September 7, 2017 Weekly Report N 34 Inflation August 2017 Trade Balance July 2017 Survey on Macroeconomic Expectations August 2017 Monetary accounts of the BCRP August 2017 Interest rates and exchange rate September 5, 2017 Circulars August 2017 Lo invitamos a usar la versión electrónica de la Nota Semanal en: CENTRAL RESERVE BANK OF PERU 95 YEARS

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3 A Monto Nominal de Certificados y Depósitos del Banco Central A Nominal Amount of Certificates and Deposits issued by the Central Bank B Repos del Banco Central y Depósitos Públicos B Central Bank Repos and Deposits of the Public Sector

4 A cambiarias del BCRP con las empresas bancarias A of the Central Bank with y Swaps des and Swaps A de monedas con el público A with non-banking counterparties B Swaps de monedas de las empresas bancarias con el público B Swaps with non-banking counterparties C y Swaps de monedas interbancarios C Interbank f and Swaps

5 Producción / Production Cuadro 62 Producto bruto interno y demanda interna (variaciones porcentuales anualizadas) / 62 Gross domestic product and domestic demand (annual growth rates) Cuadro 63 Producto bruto interno y demanda interna (Año base 2007) / 63 Gross domestic product and domestic demand (Base: year 2007) Cuadro 64 Producción agropecuaria / Agriculture and livestock production 64 Cuadro 65 Producción pesquera / Fishing production 65 Cuadro 66 Producción minera e hidrocarburos / Mining and fuel production 66 Cuadro 67 Producción manufacturera (variaciones porcentuales) / 67 Manufacturing production (percentage changes) Cuadro 68 Producción manufacturera (índice base = 2007) / 68 Manufacturing production (index 2007=100) Cuadro 69 Indicadores indirectos de tasa de utilización de la capacidad instalada del sector 69 manufacturero / Rate of capital use of the manufacturing sector: Indirect indicators Remuneraciones y Empleo / Salaries, wages and employment Cuadro 70 Remuneraciones / Salaries and wages 70 Cuadro 71 Índices de empleo / Employment indexes 71 Cuadro 72 Índices de empleo urbano de principales ciudades en empresas de 10 y más trabajadores / 72 Main cities urban employment indexes for firms with 10 or more employees Cuadro 73 Empleo Mensual en Lima Metropolitana / Monthly Employment in Metropolitan Lima 73 Sector Público / Public Sector Cuadro 74: Cuadro 74A: Cuadro 75: Cuadro 75A: Cuadro 76: Cuadro 76A: Cuadro 77: Cuadro 77A: Cuadro 78: Cuadro 79: Cuadro 80: Operaciones del Sector Público No Financiero (Millones de soles) / Operations of the Non Financial Public Sector (Millions of soles) Operaciones del Gobierno Central (Millones de Soles) / Central Government operations (Millions of Soles) Operaciones del Sector Público No Financiero (Millones de soles de 2007) / Operations of the Non Financial Public Sector (Millions of soles of 2007) Operaciones del Gobierno Central en términos reales (Millones de Soles de 2007) /Central Government operations in real terms (Millions of Soles of 2007) Ingresos corrientes del Gobierno General (Millones de soles) / General Government current revenues (Millions of soles) Ingresos corrientes del Gobierno Central (Millones de Soles) / Central Government current revenues (Millions of Soles) Ingresos corrientes del Gobierno General (Millones de soles de 2007) / General Government current revenues (Millions of soles of 2007) Ingresos corrientes del Gobierno Central en términos reales (Millones de Soles de 2007) / Central Government current revenues in real terms (Millions of Soles of 2007) Flujo de caja del Tesoro Público / Public Treasury cash flow Gastos no financieros del Gobierno General (Millones de soles) / Non-financial expenditures of the General Government (Millions of Soles) Gastos no financieros del Gobierno General (Millones de soles de 2007) / Non-financial expenditures of the General Government (Millions of Soles of 2007) 74 74A 75 75A 76 76A 77 77A Estadísticas trimestrales / Quarterly statistics Producto bruto interno / Gross domestic product Cuadro 81 Flujos macroeconómicos / Macroeconomic indicators 81 Cuadro 82 Producto bruto interno (variaciones porcentuales anualizadas) / 82 Gross domestic product (annual growth rates) Cuadro 83 Producto bruto interno (índice base = 2007) / Gross domestic product (index 2007=100) 83 Cuadro 84 Producto bruto interno por tipo de gasto (variaciones porcentuales anualizadas y millones 84 de soles a precios de 2007) / Gross domestic product by type of expenditure (annual growth rates and millions of soles of 2007)

6 Cuadro 85 Producto bruto interno por tipo de gasto (millones de soles y como porcentaje del PBI) / 85 Gross domestic product by type of expenditure (millions of soles and as percentage of GDP) Cuadro 86 Ingreso nacional disponible (variaciones porcentuales anualizadas y millones 86 de soles a precios de 2007) / Disposable national income (annual growth rates and millions of soles of 2007) Balanza de Pagos / Balance of payments Cuadro 87 Balanza de pagos (millones de US dólares) / Balance of payments (millions of US dollars) 87 Cuadro 88 Balanza de pagos (porcentaje del PBI) / Balance of payments (percentage of GDP) 88 Cuadro 89 Balanza comercial / Trade balance 89 Cuadro 90 Exportaciones por grupo de productos / Exports 90 Cuadro 91 Exportaciones de productos tradicionales / Traditional exports 91 Cuadro 92 Exportaciones de productos no tradicionales / Non-traditional exports 92 Cuadro 93 Importaciones según uso o destino económico / Imports 93 Cuadro 94 Servicios / Services 94 Cuadro 95 Renta de factores / Investment income 95 Cuadro 96 Cuenta financiera del sector privado / Private sector long-term capital flows 96 Cuadro 97 Cuenta financiera del sector público / Public sector financial account 97 Cuadro 98 Cuenta financiera de capitales de corto plazo / Short-term capital flows 96 Cuadro 99 Cuadro 100 Cuadro 101 Cuadro 102 Cuadro Cuadro 104 Operaciones del Sector Público No Financiero (Millones de soles) / 104 Operations of the Non Financial Public Sector (Millions of soles) Cuadro 104A Ahorro en cuenta corriente del Sector Público No Financiero (Millones de Soles) / 104A Current account saving of the Non-Financial Public Sector (Millions of Soles) Cuadro 104B Resultado primario del Sector Público No Financiero (Millones de Soles) / 104B Primary balance of the Non-Financial Public Sector (Millions of Soles) Cuadro 105 Operaciones del Sector Público No Financiero (Porcentaje del PBI) / 105 Operations of the Non Financial Public Sector (Percentage of GDP) Cuadro 105A Ahorro en cuenta corriente del Sector Público No Financiero (Porcentaje del PBI) / 105A Current account saving of the Non-Financial Public Sector (Percentage of GDP) Cuadro 105B Resultado primario del Sector Público No Financiero (Porcentaje del PBI) / 105B Primary balance of the Non-Financial Public Sector (Percentage of GDP) Cuadro 106 Operaciones del Gobierno General (Millones de Soles) / 106 General Government operations (Millions of Soles) Cuadro 106A Operaciones del Gobierno Central (Millones de Soles) / 106A Central Government operations (Millions of Soles) Cuadro 107 Operaciones del Gobierno General (Porcentaje del PBI) / 107 General Government operations (Percentage of GDP) Cuadro 107A Operaciones del Gobierno Central (Porcentaje del PBI) / 107A Central Government operations (Percentage of GDP) Cuadro 108 Ingresos corrientes del Gobierno General (Millones de soles) / 108 General Government current revenues (Millions of soles) Cuadro 108A Ingresos corrientes del Gobierno Central (Millones de Soles) / 108A Central Government current revenues (Millions of Soles) Cuadro 109 Ingresos corrientes del Gobierno General (Porcentaje del PBI) / 109 General Government current revenues (Percentage of GDP) Cuadro 109A Ingresos corrientes del Gobierno Central (Porcentaje del PBI) / 109A Central Government current revenues (Percentage of GDP) Cuadro 110 Gastos no financieros del Gobierno General (Millones de soles) / 110 Non-financial expenditures of the General Government (Millions of Soles) Cuadro 110A Gastos del Gobierno Central (Millones de Soles) / 110A

7 Central Government expenditures (Millions of Soles) Cuadro 111 Gastos no financieros del Gobierno General (Porcentaje del PBI) / Non-financial expenditures of the General Government (Percentage of GDP) Cuadro 111A Gastos del Gobierno Central (Porcentaje del PBI) / Central Government expenditures (Percentage of GDP) Cuadro 112 Cuadro A Cuadro 114 Cuadro

8 Nota Semanal / Weekly Report Nº Fecha de publicación / Date of issuance annual calendar /calendario anual Calendario de difusión de las estadísticas a publicarse en la Nota Semanal Release schedule of data published in the Weekly Report Estadísticas semanales/ Estadísticas mensuales / Monthly statistics Weekly statistics Tipo de cambio, mercado bursátil, Sistema financiero situación de encaje, y empresas depósitos overnight, bancarias y tasas de interés del ex pectativ as sobre Índice de precios al Ex pectativ as sistema bancario y BCRP y Reservas condiciones consumidor y tipo de macroeconómicas y de Operaciones del sistema de pagos (LBTR internacionales netas / crediticias / cambio real / ambiente empresarial / Gobierno Central / y CCE) / Exchange rate, BCRP and Net Consumer price Macroeconomic and Central Government Financial system stock market, reserve International Reserves index and real entrepreneurial climate Operations and commercial position, overnight exchange rate expectations deposits, interest rates banks and credit of the banking system condition and payment system expectations (RTGS and ECH) Balanza Comercial, Sistema de Pagos, indicadores de empresas bancarias / Trade balance, Payment System, bank indicators Producción / Production Estadísticas trimestrales/ Quarterly statistics Demanda y oferta global, balanza de pagos, sector público y monetario / Global demand and supply, balance of payments, public and monetary sector ene 03-ene 15-dic Diciembre 2016 Diciembre 2016 Noviembre ene 10-ene 31-dic/07-ene Diciembre ene 17-ene 15-ene 31-dic Noviembre ene 24-ene 22-ene 5 02-feb 31-ene 31-ene 15-ene Enero 2017 Enero 2017 Diciembre feb 07-feb 07-feb Enero feb 14-feb 15-feb Diciembre feb 21-feb 22-feb 31-ene IV Trimestre mar 28-feb 28-feb 15-feb Febrero Febrero mar 07-mar 07-mar Febrero Enero mar 14-mar 15-mar mar 21-mar 22-mar 29-feb Enero mar 28-mar 15-mar abr 04-abr 31-mar Marzo Marzo Febrero abr 18-abr 15-abr Marzo Febrero abr 25-abr 22-abr 31-mar may 02-may 30-abr 15-abr Abril Abril may 09-may 07-may Abril Marzo may 16-may 15-may 30-abr Marzo I Trimestre may 23-may 22-may jun 30-may 15-may May o jun 06-jun 31-may /7-jun May o May o Abril jun 13-jun jun 20-jun 15-jun 31-may Abril jun 26-jun 22-jun 15-jun jul 04-jul 30-jun Junio Junio May o jul 11-jul 07-jul Junio jul 18-jul 15-jul 30-jun Mayo ago 01-ago 22/31-jul 15-jul Julio Julio Junio ago 08-ago 07-ago Julio ago 15-ago 15-ago Junio ago 22-ago 22-ago 31-jul II Trimestre ago 29-ago 15-ago sep 05-sep 31-ago Agosto Agosto Julio sep 12-sep 07-sep Agosto sep 19-sep 15-sep 31-ago Julio sep 26-sep 22-sep oct 03-oct 30-sep 15-sep Setiembre Setiembre Agosto oct 10-oct 07-oct Setiembre oct 17-oct 15-oct 30-Set Agosto oct 24-oct 22-oct nov 31-oct 31-oct 15-oct Octubre Octubre Setiembre nov 07-nov 07-nov Octubre nov 14-nov 15-nov nov 21-nov 22-nov 31-oct Setiembre III Trimestre nov 28-nov dic 04-dic 30-nov 15-nov Nov iembre Nov iembre Octubre dic 12-dic 07-dic Nov iembre dic 19-dic 15-dic 30-nov Octubre La Nota Semanal se actualiza los viernes en la página web del instituto emisor ( En el año 2017 no se elaborará la "Nota Semanal" en las semanas correspondientes a Semana Santa, Fiestas Patrias y Año Nuevo. nota semanal / CALENDARIO ANUAL / ANNUAL CALENDAR vii

9 95 YEARS Weekly Economic Report N 34 September 6, 2017 CONTENT Inflation without food and energy recorded an annual rate of 2.57 percent ix Trade balance accumulated a surplus of US$ 4.62 billion in the last 12 months x Expectations on inflation in 12 months recorded 2.73 percent xii Interest rates and monetary operations xv Forex operations and exchange rate xvii International reserves at US$ 62.0 billion on August 31 xviii International markets xix The international prices of copper and gold rose in August 29-September 6 xix The international prices of basic cereals rose in August 29-September 6 xx US dollar strengthened in international markets xxi Country risk fell to 151 basis points xxii Yield on 10-year US Treasuries fell to 2.11 percent xxii The LSE indices rose in August 29-September 6 xxiii Weekly Economic Report N 34 INFLATION WITHOUT FOOD AND ENERGY RECORDED AN ANNUAL RATE OF 2.57 PERCENT The CPI in Metropolitan Lima rose 0.67 percent in August due to the rise registered in the prices of water rates and lemon. So, the inflation recorded a year-on-year growth rate of 3.17 percent. Moreover, inflation without food and energy showed a rate of 0.38 percent in the month and a rate of 2.57 percent in the last twelve months. It is worth pointing out that inflation without food and energy remains within the BCRP s target range of 1-3 percent since December 2016 and continued showing the falling trend observed since the previous year, after reaching a maximum annual growth rate of 3.8 percent in February Inflation and CPI excluding food and energy (% change last 12 month) 5.0 CPI excluding food and energy CPI Maximun Mar.17 Apr.17 May.17 Jun.17 Jul.17 Aug.17 CPI CPI without food and energy Inflation targeting Minimun 0.0 Aug.2014 Feb.2015 Aug.2015 Feb.2016 Aug.2016 Feb.2017 Aug.2017 The food CPI increased 0.95 percent in August. This increase reflected mainly the rise in the price of lemon (133 percent), which contributed with 0.44 percentage points to

10 Mar.2013 Jun.2013 Sep.2013 Dec.2013 Mar.2014 Jun.2014 Sep.2014 Dec.2014 Mar.2015 Jun.2015 Sep.2015 Dec.2015 Mar.2016 Apr.2016 May.2016 Jun.2016 Jul.2016 Aug.2016 Sep.2016 Oct.2016 Nov.2016 Dec.2016 Jan.2017 Feb.2017 Mar.2017 Apr.2017 May.2017 Jun.2017 Jul.2017 Resumen Informativo Semanal N 8 Weekly Economic Report 34 the monthly rate of inflation, due to lower supply from the Northern coast by El Niño Costero in the past summer. This increase was partially offset by the drop of several products such as vegetables (-9.5 percent) and chicken meat (-3.8 percent), which together contributed with percentage points to the monthly inflation. Food prices (Monthly % change) Mar.2017 Apr.2017 May.2017 Jun.2017 Jul.2017 Aug.2017 TRADE BALANCE ACCUMULATED A SURPLUS OF US$ 4.62 BILLION IN THE LAST 12 MONTHS In July, the trade balance recorded a surplus of US$ 213 million, maintaining a positive behavior observed since July Thus, the trade accumulated a positive balance of US$ 4.62 billion in the last 12 months, the eleventh consecutive month of annual surplus. Trade balance (Accumulated last 12 months - Billion US$) Trade balance (Million US$) Jul.2016 Jul.2017 Difference % chg. 1. Exports 3,351 3, Tradicional products 2,458 2, Non-tradicional products Other Imports 2,762 3, Consumer goods Raw materials and intermediate goods 1,246 1, Capital goods 822 1, Other goods Trade balance Source: Sunat y BCRP. x

11 Resumen Informativo Semanal N 8 Weekly Economic Report 34 The value of exports increased 1.4 percent in July and thus showed a positive growth rate for thirteenth straight months. The increase in exports of non-traditional products (up 7.5 percent) reflected mainly higher exports of farming products (13.9 percent) and fisheries (22 percent). In contrast, the exports of traditional products dropped 0.7 percent in the month. Exports by group of economic activity (Million US$) Jul 2016 Jul 2017 % Chg. 1. Traditional products 2,458 2, Fishing Agricultural Mining 2,034 1, Oil and natural gas Non-traditional products Agricultural Fishing Textiles Wood and paper, and its manufacturing Chemicals Non-metallic minerals Iron & steel, and jewelry Metal mechanic products Others Others 2/ TOTAL EXPORS 3,351 3, Includes furs, leather, and handcrafts, mainly. 2/ Includes fuels and food sold to foreign ships, and repairs ofcapital goods. Source: Sunat and BCRP. Moreover, the value of imports reached US$ 3.19 billion, 15.3 percent higher than the amount recorded in July 2016, maintaining the increase registered since February. Imports of inputs kept a positive growth rate from August 2016, similar to the imports of consumer goods (particularly foods) since March of this year. The imports of capital goods registered a positive growth rate for the third consecutive month. Imports by use or destination (Million US$) Jul Jul % Chg. TOTAL IMPORTS 2,762 3, CONSUMER GOODS Non-durable goods Main food products Rest Durable goods INPUTS 1,246 1, Fuel, oils, and related Raw materials for agriculture Raw materials for industry CAPITAL GOODS 822 1, Construction materials For agriculture For industry Transportation equipment OTHERS GOODS Source: Sunat, Free Trade Zone and MEF. xi

12 Resumen Informativo Semanal N 8 Weekly Economic Report 34 The terms of trade grew 4.7 percent in July (thirteen months with positive growth rates) due to the higher export prices of copper and zinc, in a context of better prices of commodities. Terms of Trade (% change las 12 month) Jul.2016 Sep.2016 Nov.2016 Jan.2017 Mar.2017 May.2017 Jul.2017 EXPECTATIONS ON INFLATION IN 12 MONTHS RECORDED 2.73 PERCENT The results of the BCRP survey show that expectations of inflation in 12 months for agents in the financial system and economic analysts remain within the target range with an estimated rate of 2.73 percent in August, the lowest level since October 2016 (2.71 percent). Expectation on inflation in 12 month (% points) Month Expectation (%) Dec Dec Jun Jul Aug Jan.2004 Jul.2005 Jan.2007 Jul.2008 Jan.2010 Jul.2011 Jan.2013 Jul.2014 Jan.2016 Aug % Maximun Targeting range Minimun As of August, the expectations of inflation have maintained 7 months within the target range of 1-3 percent, in spite of supply shocks. Expectations of inflation for 2018 in the range between 2.6 and 3.0 percent, within the target range. xii

13 Resumen Informativo Semanal N 8 Weekly Economic Report 34 Survey of Macroeconomic Expectations: Inflation (%) Economic analysts Survey date: Jun 28, 2017 Jul 31, 2017 Aug 31, Financial entities 2/ Non-financial firms 3/ analysts in June, 30 in July, and 31 in August / 24 financial entities in June, 24 in July, and 24 in August / 353 non-financial firms in June, 353 in July, and 358 in August Furthermore, expectations of economic growth in 2017 and 2018 remain stable. For 2017, within a range of 2.5 and 3.0 percent; and for 2018, Peru s GDP is expected to grow between 3.5 and 3.8 percent. Survey of Macroeconomic Expectations: GDP growth (%) Economic analysts Survey date: Jun 28, 2017 Jul 31, 2017 Aug 31, Financial entities 2/ Non-financial firms 3/ analysts in June, 30 in July, and 31 in August / 24 financial entities in June, 24 in July, and 24 in August / 353 non-financial firms in June, 353 in July, and 358 in August The survey results also show that the USD-PEN exchange rate is expected to range between S/ 3.27 and S/ 3.30 per dollar in 2017; and to range between S/ 3.30 and S/ 3.40 per US dollar in xiii

14 Resumen Informativo Semanal N 8 Weekly Economic Report 34 Survey of Macroeconomic Expectations: Exchange rate (S/ per US$)* Economic analysts Survey date: Jun 28, 2017 Jul 31, 2017 Aug 31, Financial entities 2/ Non-financial firms 3/ analysts in June, 30 in July, and 31 in August / 24 financial entities in June, 24 in July, and 24 in August / 353 non-financial firms in June, 353 in July, and 358 in August * Exchange rate at end of year. The Central Bank is expected to lower its benchmark interest rate to 3.5 percent in 2017 and to maintain this level in Survey of Macroeconomic Expectations: Reference rate at the end of year (%) Economic analysts Survey date: Jun 28, 2017 Jul 31, 2017 Aug 31, Financial entities 2/ analysts in June, 30 in July, and 31 in August / 24 financial entities in June, 24 in July, and 24 in August Six of the seven indicators of expectations improved in August, while indicators of recent situation were mixed. In general, indicators of expectations remain on the optimistic side; and, in particular, the economic expectations in three months time and in twelve months time improved, just like expectations in company s situation and having a new hired in three months time. xiv

15 Resumen Informativo Semanal N 8 Weekly Economic Report 34 Macroeconomic Expectations: Survey Results Jul.2017 Aug.2017 EXPECTATIONS EXPECTATIONS ABOUT THE ECONOMIC SITUATION IN 3 MONTHS EXPECTATIONS ABOUT THE ECONOMIC SITUATION IN 12 MONTHS EXPECTATIONS ABOUT THE SECTOR IN 3 MONTHS EXPECTATIONS ABOUT THE SECTOR IN 12 MONTHS EXPECTATIONS ABOUT YOUR COMPANY'S SITUATION IN 3 MONTHS EXPECTATIONS ABOUT DEMAND IN 3 MONTHS EXPECTATIONS OF HAVING NEW PERSONNEL HIRED IN 3 MONTHS CURRENT SITUATION CURRENT BUSINESS SITUATION LEVEL OF SALES PRODUCTION LEVEL LEVEL OF DEMAND COMPARED TO THE EXPECTED DEMAND PURCHASING ORDERS COMPARED TO THE PREVIOUS MONTH Greater than 50 points (neutral) means that confidence is on the optimistic tranche and less than 50 points in the pessimistic tranche. Expectation about the economic situation in 3 and 12 months Expectation about the economic situation 80 Dec.2016 Jul.2017 Aug months months ECONOMIC SITUATION IN 3 MONTHS ECONOMIC SITUATION IN 12 MONTHS 30 Jan.2013 Dec.2013 Nov.2014 Oct.2015 Sep.2016 Aug.2017 INTEREST RATES AND MONETARY OPERATIONS In September 1-6, the interbank interest rate in soles showed an annual average rate of 3.75 percent and the rate in dollars showed an annual average rate of 1.29 percent. Interbank interest rate in soles (%) Interbank interest rate in US dollars (%) Jun.2017 Jul.2017 Aug Sep.2017 Jun.2017 Jul.2017 Aug Sep.2017 xv

16 Resumen Informativo Semanal N 8 Weekly Economic Report 34 In this period, the average corporate prime rate the interest rate charged by commercial banks to lower risk businesses in soles was 4.09 percent and the prime rate in dollars was 1.77 percent. 90-day corporate prime rate in soles (%) 90-day corporate prime rate in US dollars (%) Jun.2017 Jul.2017 Aug Sep.2017 Jun.2017 Jul.2017 Aug Sep.2017 At September 5, BCRP has made the following monetary operations: (a) Monetary sterilization operations: i. CD BCRP: The balance of BCRP certificates of deposit on September 5 was S/ billion, with an average interest rate of 4.3 percent, while the balance at end-august was S/ billion, with the same interest rate. Interest rate of auctions of CD BCRP (%) Term (months) Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Sep Sep ii. Overnight deposits: The balance of this instrument on September 5 was S/ 183 million, with an average interest rate of 2.8 percent. At end-august the balance was S/ 460 million, with the same interest rate. iii. Term deposits: The balance of this instrument on September 5 was S/ 3.0 billion, with an average interest rate of 3.2 percent. At end-august, the balance of this instrument was S/ 5.77 billion, with an average interest rate of 3.4 percent. (b) Monetary injection operations: i. Currency repos: On September 5, the balance of regular currency repos was S/ billion, with an average interest rate of 5.2 percent. At end-august, the xvi

17 Exchange rate (Sol per US Dollar) FX intervention (Mill. US$) Resumen Informativo Semanal N 8 Weekly Economic Report 34 balance of this instrument was S/ billion, with the same interest rate. Credit expansion repos registered a balance of S/ 4.95 billion with a rate of 5.3 percent (the same balance recorded at the end of August), while credit substitution repos showed a balance of S/ 3.73 billion with a rate of 3.8 percent (the same balance as that recorded at end August). ii. Security repos: On September 5 the balance of security repos was S/ 2.46 billion with an average interest rate of 4.5 percent. The same balance was recorded at the end of August. iii. Auctions of Treasury funds: On September 5, the balance of this instrument was S/ 2.0 billion, with an average interest rate of 5.1 percent. The same balance was recorded at the end of August. FOREX OPERATIONS AND EXCHANGE RATE On September 6, the selling price of the dollar in the interbank market closed at S/ 3.24 per dollar, an exchange rate 0.1 percent lower than that recorded at end August. Thus, the US dollar-pen exchange rate accumulates a decline of 3.6 percent compared to end-december Exchange rate and foreign exchange intervention in the spot market Exchange rate FX Intervention Oct Jan May Sep Jan May Sep At September 5, the forex operations of BCRP show a buy position of US$ 383 million: (a) Intervention in the foreign exchange market: BCRP bought US$ 321 million in the spot market. (b) CDLD-BCRP: On September 5, these CDs showed a balance of S/ 1.30 billion (US$ 400 million), with an average interest rate of 3.7 percent. At end-august the balance was S/ 1.10 million (US$ 388 million), with an average interest rate of 3.6 percent. xvii

18 Resumen Informativo Semanal N 8 Weekly Economic Report 34 (c) Like at the end of August, the balances of FX Swaps-sell, FX Swaps-buy, and CDR- BCRP showed a zero balance on September 5. In August, the balance of net sales non delivery forwards of commercial banks with non-banking counterparties fell US$ 2.08 billion. Non-resident investors offered US$ 1.63 billion, taking position in Soles. In this context, BCRP acquired dollars (US$ 1.84 billion) through purchases of dollars in the spot market (US$ 1.51 billion) and placing CDLD (US$ 336 million). Balance of net sales NDF (Million US$) 12,000 10,000 8,000 6,000 4,000 2, , , Jun Sep Dec Apr Jul Nov Feb May Sep-17 INTERNATIONAL RESERVES AT US$ 62.0 BILLION ON AUGUST 31 On August 31, Peru s net international reserves made up mainly by liquid international assets amounted to US$ 62.0 billion. This level of reserves, which is lower by US$ 1.05 billion than the amount of NIRs at end July mainly explained by the reduction of public sector deposits by US$ 1.79 billion, is equivalent to 30 percent of GDP and to 20 months of imports. Perú: Net International Reserves (Million US$) 65,000 62,005 60,000 55,000 50,000 45,000 40,000 35,000 Aug.2016 Oct.2016 Dec.2016 Feb.2017 Apr.2017 Jun.2017 Aug xviii

19 Resumen Informativo Semanal N 8 Weekly Economic Report 34 INTERNATIONAL MARKETS The international prices of copper and gold rose in August 29-September 6 In August 29-September 6, the price of copper increased 1.0 percent to US$ 3.11 a pound. This rise was explained by betterthan-expected Chinese economic data and by decline in the LME copper inventories. Copper Price (cus$/pound) Dec Apr Aug Dec Apr Sep-17 % change Sep Aug Jul Dec US$ 3.11 / pound From August 29 to September 6, the price of gold soared 1.5 percent to US$ 1,337.9 the troy ounce. Gold Price (US$/tr. ounce) 1,400 1,300 1,200 1,338 The rise in the price of gold was associated with the escalating tensions between North Korea and the United States. 1,100 1, Dec Apr Aug Dec Apr Sep-17 % change 06 Sep Aug Jul Dec.2016 US$ 1,337.9 / troy oz In August 29-September 6, the price of zinc reduced 0.7 percent to US$ 1.40 a pound. This fall reflected the availability of zinc supply despite the lower inventories in the week. Zinc Price (cus$/pound) Dec Apr Aug Dec Apr Sep-17 % change 06 Sep Aug Jul Dec.2016 US$ 1.40 / pound xix

20 Resumen Informativo Semanal N 8 Weekly Economic Report 34 In the same period, the price of WTI oil rose 5.9 percent to US$ 49.2 a barrel. This result was due to the increase of demand of crude by the gradual restart of refineries in the U.S. Gulf. WTI Oil Price (US$/barrel) Dec Apr Aug Dec Apr Sep-17 % change 06 Sep Aug Jul Dec.2016 US$ 49.2 / barrel The international prices of basic cereals rose in August 29-September 6 From August 29 to September 6, the price of wheat increased 9.2 percent to US$ per ton. This price rose after Canada cut its forecasts for wheat production for this year, despite higher U.S. exports. Wheat price (US$/ton.) Dec Apr Aug Dec Apr Sep-17 % change 06 Sep Aug Jul Dec.2016 US$ / ton The price of maize rose 3.5 percent to US$ a ton in August 29-September 6. The rise is associated with the concerns about that the cold and dry climate would harm maize crops. Maize price (US$/ton.) Dec Apr Aug Dec Apr Sep-17 % change 06 Sep Aug Jul Dec.2016 US$ 126.4/ ton xx

21 Resumen Informativo Semanal N 8 Weekly Economic Report 34 In the same period, the price of soybean oil raised 3.0 percent to US$ a ton. This price rise is associated with the fear that an early cold snap could freeze soybean crops. Soybean oil price (US$/ton.) Dec Apr Aug Dec Apr Sep-17 % change 06 Sep Aug Jul Dec.2016 US$ / ton US dollar strengthened in international markets Evolution of US$ per Euro (US$/Euro) 1.3 In August 29-September 6, the dollar appreciated 0.5 percent against the euro amid solid U.S. jobs data and the news about legislatures reached an agreement on the debt ceiling in this country Dec Apr Aug Dec Apr Sep-17 % change 06 Sep Aug Jul Dec US$/euro It should be pointed out that the US dollar has been appreciating against most other currencies since January 2013, as reflected in the evolution of the FED index. This appreciation of the dollar is associated with expectations that the Federal Reserve (FED) will start normalizing its interest rates. FED index (January 97 =100) Jan Dec Nov Oct Oct Aug-17 Variation in basis points 31 Aug Aug Jul Dec xxi

22 Resumen Informativo Semanal N 8 Weekly Economic Report 34 Country risk fell to 151 basis points From August 29 to September 6, the country risk indicator, measured by the EMBIG Peru spread, fell from 155 to 151 basis points. In this period, the EMBIG LatAm spread reduced 12 bps to 423 bps due to the growth of the global manufacture in August, greater than expected. Country Risk Indicator (Bps.) EMBIG Perú EMBIG Latam 0 01-Dec Apr Aug Dec Apr Sep-17 Variation in basis points Sep Aug Jul Dec.2016 EMBIG Perú (bps) EMBIG Latam (bps) Yield on 10-year US Treasuries fell to 2.11 percent 10-Year US Treasury rate (%) 3.0 In August 29-September 6, the yield on the 10-year US Treasury bonds fell 2 basis points to 2.11 percent as a result of higher risk aversion by renewed geopolitical tensions Apr Sep Mar Sep Mar Sep-17 Variation in basis points 06 Sep Aug Jul Dec % Month Libor rate (%) 1.5 In the same period, the 3-month Libor remained at 1.32 percent amid geopolitical tensions Apr Sep Mar Sep Mar Sep-17 Variation in basis points 06 Sep Aug Jul Dec % xxii

23 General index Base Trading volume - Million S/ Resumen Informativo Semanal N 8 Weekly Economic Report 34 THE LSE INDICES ROSE IN AUGUST 29-SEPTEMBER 6 In August 29-September 6, both the General Index of the Lima Stock Exchange (LSE) rose 2.9 percent and the Selective Index rose 5.6 percent. The LSE indices were influenced by the rise in the price some metals and the optimism on the Peruvian economy. Year-to-date, the IGBVL has risen 16.4 percent and the ISBVL has risen 15.4 percent. Lima Stock Exchange Indicators 18,000 16,000 14,000 12,000 10,000 Trading Volume General Index 8, Dec Apr Aug Dec Apr Sep-17 As of: % change compared to: 06 Sep Aug Jul Dec.2016 General Index 18, Selective Index 27, xxiii

24 Resumen de Indicadores Económicos 2015 Dic. Jun Set. Dic. Mar. Jun. Jul. Ago. 29 Ago Ago. Set. 1 Set. 4 Set. 5 Set. 6 Set. RESERVAS INTERNACIONALES (Mills. US$) Acum. Acum. Acum. Acum. Acum. Acum. Acum. Var. Var. Posición de cambio Reservas internacionales netas Depósitos del sistema financiero en el BCRP Empresas bancarias Banco de la Nación Resto de instituciones financieras Depósitos del sector público en el BCRP* OPERACIONES CAMBIARIAS BCR (Mill. US$) Acum. Acum. Acum. Acum. Acum. Acum. Acum. Acum. Acum. Operaciones Cambiarias Compras netas en Mesa de Negociación Operaciones con el Sector Público Otros TIPO DE CAMBIO (S/. por US$) Prom. Prom. Prom. Prom. Prom. Prom. Prom. Prom. Prom. Compra interbancario Promedio 3,383 3,315 3,383 3,394 3,263 3,267 3,249 3,239 3,240 3,241 3,238 3,238 3,236 3,236 3,237 Apertura 3,386 3,325 3,388 3,401 3,267 3,270 3,251 3,240 3,243 3,243 3,239 3,240 3,236 3,237 3,238 Venta Interbancario Mediodía 3,385 3,317 3,383 3,396 3,266 3,269 3,249 3,243 3,240 3,242 3,239 3,238 3,237 3,237 3,238 Cierre 3,384 3,317 3,382 3,395 3,264 3,268 3,250 3,240 3,240 3,242 3,239 3,238 3,238 3,237 3,238 Promedio 3,385 3,319 3,384 3,397 3,265 3,269 3,250 3,241 3,241 3,242 3,239 3,239 3,237 3,237 3,238 Sistema Bancario (SBS) Compra 3,380 3,315 3,380 3,393 3,262 3,266 3,247 3,239 3,239 3,240 3,235 3,237 3,235 3,235 3,236 Venta 3,385 3,318 3,394 3,398 3,265 3,269 3,250 3,242 3,242 3,243 3,240 3,241 3,238 3,238 3,239 Índice de tipo de cambio real (2009 = 100) 97,8 97,0 99,0 95,3 91,9 94,1 94,1 94,6 INDICADORES MONETARIOS Moneda nacional / Domestic currency Emisión Primaria (Var. % mensual) 8,0 0,5 1,6 6,9 0,5 3,6 3,4-4,1-3,1-3,1 6,3 6,9 6,2 Monetary base (Var. % últimos 12 meses) -4,8 3,6 8,5 4,1 4,2 8,5 5,0 Oferta monetaria (Var. % mensual) 5,4 1,4 0,0 3,5 0,8 1,0 1,7 Money Supply (Var. % últimos 12 meses) 3,0 8,4 11,1 9,0 11,6 10,5 9,0 Crédito sector privado (Var. % mensual) 0,7 0,6 0,4 0,3-0,1-0,4 0,9 Crédit to the private sector (Var. % últimos 12 meses) 28,0 17,0 9,5 7,2 5,7 3,5 4,0 TOSE saldo fin de período (Var.% acum. en el mes) 2,7-1,1-0,3-0,5 0,8-0,4 0,4 3,5 3,8 3,8-0,3-0,3 Superávit de encaje promedio (% respecto al TOSE) 0,1 0,1 0,1 0,2 0,1 0,2 0,1 0,2 0,1 0,1 1,5 1,6 Cuenta corriente de los bancos (saldo mill. S/.) Depósitos públicos en el BCRP (millones S/.) n.d Certificados de Depósito BCRP (saldo Mill.S/.) Subasta de Depósitos a Plazo (saldo Mill S/.) ** CDBCRP-MN con Tasa Variable (CDV BCRP) (Saldo Mill S/.) *** CD Reajustables BCRP (saldo Mill.S/.) Operaciones de reporte monedas (saldo Mill. S/.) Operaciones de reporte (saldo Mill. S/.) TAMN 16,11 16,20 16,86 17,19 16,96 17,06 17,16 17,10 17,20 16,93 17,24 17,30 17,25 17,17 17,24 Préstamos hasta 360 días **** 11,05 11,38 11,99 11,60 11,87 11,89 11,94 11,47 11,52 11,49 11,62 11,65 n.d. n.d. 11,63 Interbancaria 3,80 4,37 4,25 4,37 4,25 4,00 3,84 3,46 3,69 3,75 3,75 3,80 3,76 3,75 3,75 Tasa de interés (%) Preferencial corporativa a 90 días 4,93 5,52 4,95 5,19 4,96 4,55 4,48 4,15 4,09 4,28 4,09 4,09 4,09 4,09 4,09 Operaciones de reporte con CDBCRP 4,76 4,87 4,87 2,43 2,47 4,47 4,46 4,47 4,47 4,47 4,47 4,47 4,47 4,47 4,47 Operaciones de reporte monedas 4,72 4,85 4,85 4,86 4,94 4,97 4,97 4,96 4,96 4,96 4,93 4,93 4,93 4,93 4,93 Créditos por regulación monetaria ***** 4,30 4,80 4,80 4,80 4,80 4,80 4,80 4,30 4,30 4,30 4,30 4,30 4,30 4,30 4,30 Del saldo de CDBCRP 3,79 4,52 4,68 4,75 4,66 4,56 4,55 4,33 4,31 4,31 4,30 4,30 4,30 4,30 4,30 Del saldo de depósitos a Plazo 3,74 4,14 4,16 3,70 4,20 3,37 3,30 3,27 3,37 3,37 3,49 3,22 3,16 3,07 3,07 Spread del saldo del CDV BCRP - MN 0,10 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. s.m. Moneda extranjera / foreign currency Crédito sector privado (Var. % mensual) -2,5 1,4 0,7 2,3 0,9 1,1 1,7 (Var. % últimos 12 meses) -20,7-11,0-4,5 2,1 4,9 6,7 7,5 TOSE saldo fin de período (Var.% acum. en el mes) -1,2-2,7-0,9 0,7-0,8-1,8-1,8-2,6-1,6-1,6-0,1-1,0 Superávit de encaje promedio (% respecto al TOSE) 0,7 0,3 0,4 0,6 0,3 0,5 0,4 0,8 0,3 0,3 1,6 1,7 TAMEX 7,89 7,59 7,79 7,56 7,36 7,21 6,90 6,70 6,73 6,75 6,73 6,75 6,76 6,74 6,75 Tasa de interés (%) Préstamos hasta 360 días **** 5,04 4,59 4,80 4,58 4,35 4,24 3,93 3,77 3,80 3,79 3,81 3,82 n.d. n.d. 3,81 Interbancaria 0,20 0,41 0,49 0,58 0,80 1,09 1,24 1,26 1,25 1,25 1,25 1,29 1,34 1,36 1,29 Preferencial corporativa a 90 días 1,07 1,17 1,14 1,20 1,30 1,58 1,58 1,71 1,77 1,59 1,77 1,77 1,77 1,77 1,77 Ratio de dolarización de la liquidez (%) 37,4 36,3 36,2 34,6 34,0 33,5 33,3 Ratio de dolarización de los depósitos (%) 45,5 44,0 44,0 42,4 41,3 40,6 40,6 INDICADORES BURSÁTILES Acum. Acum. Acum. Acum. Acum. Acum. Acum. Acum. Acum. Índice General Bursátil (Var. %) -3,7 2,4 1,1 0,9-0,2 0,1 4,6-0,1 0,0 5,2 1,2 0,3-0,1 1,3 2,8 Índice Selectivo Bursátil (Var. %) -5,2-0,1 0,7 1,6 3,4-1,8 3,5 0,0 0,7 5,3 1,8 1,0 0,4 1,6 4,9 Monto negociado en acciones (Mill. S/.) - Prom. Diario / 13,5 23,3 22,3 28,6 49,8 35,8 23,1 33,0 73,7 28,7 40,4 31,9 48,9 49,0 42,5 INFLACIÓN (%) Inflación mensual 0,45 0,14 0,21 0,33 1,30-0,16 0,20 0,67 Inflación últimos 12 meses 4,40 3,34 3,13 3,23 3,97 2,73 2,85 3,17 SECTOR PÚBLICO NO FINANCIERO (Mill. S/.) Resultado primario Ingresos corrientes del GG Gastos no financieros del GG COMERCIO EXTERIOR (Mills. US$) Balanza Comercial Exportaciones Importaciones PRODUCTO BRUTO INTERNO (Índice 2007=100) Variac. % respecto al mismo mes del año anterior 6,5 3,6 4,3 3,3 0,9 3,6 * 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 2008, el BCRP utiliza los depósitos a plazo en moneda nacional como instrumento monetario. *** A partir del a partir del 6 de octubre de 2010, 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 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 ***** A partir del 12 de febrero de 2016, esta tasa subió a 4.80% Fuente: BCRP, INEI, Banco de la Nación, BVL, Sunat, SBS, Reuters y Bloomberg. Elaboración: Departamento de Estadísticas Monetarias

25 CUENTAS MONETARIAS DE LAS SOCIEDADES DE DEPÓSITO MONETARY ACCOUNTS OF THE DEPOSITORY CORPORATIONS (Millones de soles) Dic. Mar. Jun. Set. Dic. Ene. Feb. Mar. Abr. May. Jun. Jul.15 Jul.31 Ago.15 table 1 / 2/ 2/ / (Millions of soles) I. ACTIVOS EXTERNOS NETOS , I. SHORT-TERM NET EXTERNAL DE CORTO PLAZO ASSETS (Millones de US$) , (Millions of US$) 1. Activos , Assets 2. Pasivos , Liabilities Var.% 4 últimas semanas Flujo 4 últimas semanas cuadro 1 II. ACTIVOS EXTERNOS NETOS n.a II. LONG-TERM NET EXTERNAL DE LARGO PLAZO ASSETS (Millones de US$) 2/ n.a. -47 (Millions of US$) 2/ III. ACTIVOS INTERNOS NETOS , III. NET DOMESTIC ASSETS 1. Sector Público n.a Net assets on the public sector a. En moneda nacional n.a a. Domestic currency b. En moneda extranjera n.a b. Foreign currency (millones de US$) n.a (Millions of US$) 2. Crédito al Sector Privado , Credit to the private sector a. En moneda nacional , a. Domestic currency b. En moneda extranjera ,2 905 b. Foreign currency (millones de US$) ,8 205 (Millions of US$) 3. Otras Cuentas n.a Other assets (net) IV. LIQUIDEZ (=I+II+III) 3/ , IV. BROAD MONEY (=I+II+III) 3/ 1. Moneda Nacional , Domestic currency a. Dinero 4/ ,7 554 a. Money 4/ i. Circulante ,2 479 i. Currency ii. Depósitos a la Vista ,2 74 ii. Demand deposits b. Cuasidinero ,2-223 b. Quasi-money nota semanal / CUENTAS MONETARIAS / MONETARY ACCOUNTS 2. Moneda Extranjera , Foreign currency (Millones de US$) ,7 173 (Millions of US$) Nota Note: Coeficiente de dolarización 37% 39% 36% 36% 35% 35% 34% 34% 34% 34% 33% 33% 33% 33% Dollarization ratio de la liquidez Comprende la totalidad de las operaciones financieras que realizan las sociedades de depósito con el resto de agentes económicos. Las sociedades de depósitos son las instituciones financieras que emiten pasivos incluidos en la definición de liquidez del sector privado, y están autorizadas a captar depósitos del público. Las sociedades de depósito están constituidas por el Banco Central de Reserva del Perú, el Banco de la Nación, las empresas bancarias, las empresas financieras, las cajas municipales, las cajas rurales y las cooperativas de ahorro y crédito. Asimismo, n.a= no aplicable. La información de este cuadro se ha actualizado en la Nota Semanal N 33 (31 de agosto de 2017). El calendario anual de estadísticas se presenta en la página vii de esta Nota. A partir de la Nota Semanal Nª 16 (27 de abril de 2012), los datos desde enero de 2001 no incluyen los saldos de activos y pasivos de las entidades del sistema bancario en liquidación. 2/ Comprende solamente las operaciones efectuadas en dólares. 3/ Incluye el circulante, los depósitos y los valores de las sociedades de depósito frente a hogares y empresas privadas no financieras. 4/ Incluye el circulante y los depósitos a la vista de las sociedades de depósito frente a hogares y empresas privadas no financieras. Elaboración: Gerencia de Política Monetaria - Subgerencia de Diseño de Política Monetaria 1

26 CUENTAS MONETARIAS DEL BANCO CENTRAL DE RESERVA DEL PERÚ / MONETARY ACCOUNTS OF THE CENTRAL RESERVE BANK OF PERU Var% Flujo 4 últimas 4 últimas Dic. Mar. Jun. Set. Dic. Mar. Jun. Set. Dic. Ene. Feb. Mar. Abr. May. Jun. Jul. Ago. semanas semanas table 2 / (Millones de soles) / (Millions of soles) I. RESERVAS INTERNACIONALES NETAS , I. NET INTERNATIONAL RESERVES (Millones de US$) , (Millions of US dollars) 1. Activos , Assets 2. Pasivos , Liabilities cuadro 2 II. ACTIVOS EXTERNOS NETOS ,3 2 II. LONG -TERM NET DE LARGO PLAZO EXTERNAL ASSETS (Millones de US$) 2/ ,0 0 (Millions of US dollars) 2/ 1. Créditos , Assets 2. Obligaciones , Liabilities III. ACTIVOS INTERNOS NETOS (1+2+3) n.a III. NET DOMESTIC ASSETS 1. Sistema Financiero , Credit to the financial sector a. Créditos por regulación monetaria ,0 0 a. Credits of monetary regulation (rediscounts) b. Compra temporal de valores , b. Reverse repos c. Operaciones de reporte de monedas ,2-250 c. Foreign exchange swaps 2. Sector Público (neto) n.a Net assets on the public sector a. Banco de la Nación n.a. -96 a. Banco de la Nacion b. Gobierno Central 3/ n.a b. Central Goverment 3/ c. Otros (incluye COFIDE) n.a. -21 c. Others (including COFIDE) d. Valores en Poder del Sector Público 4/ n.a. 524 d. Securities owned by the Public Sector 4/ 3. Otras Cuentas Netas n.a Other assets (net) IV. OBLIGACIONES MONETARIAS (I+II+III) , IV. MONETARY LIABILITIES (I+II+III) 1. En Moneda Nacional , Domestic currency a. Emisión Primaria 5/ , a. Monetary Base 5/ i. Circulante n.d. n.a. n.a. i. Currency ii. Encaje n.d. n.a. n.a. ii. Reserve b. Valores Emitidos 6/ , b. Securities issued 6/ 2. En Moneda Extranjera , Foreign currency (Millones de US$) , (Millions of US dollars) Empresas Bancarias , Commercial banks Resto ,2-40 Rest of the financial system nota semanal / CUENTAS MONETARIAS / MONETARY ACCOUNTS La información de este cuadro se ha actualizado en la Nota Semanal N 33 (07 de setiembre de 2017). Asimismo, n.d. = no disponible, n.a. = no aplicable. El calendario anual de publicación de estas estadísticas se presenta en la página vii de la presente Nota. 2/ Registra sólo los saldos de las operaciones efectuadas en moneda extranjera. 3/ Incluye los bonos emitidos por el Tesoro Público adquiridos por el BCRP en el mercado secundario, de acuerdo con el Artículo 61 de la Ley Orgánica del BCRP. 4/ Considera los valores del BCRP en poder de las entidades del sector público. 5/ La emisión primaria está constituida por: Billetes y monedas emitidos más cheques de gerencia en moneda nacional emitidos por el BCRP. Estos componentes constituyen el circulante y los fondos en bóveda de los bancos. Depósitos de encaje en moneda nacional (cuentas corrientes) de las instituciones financieras mantenidos en el BCRP. A partir del 31 de diciembre de 2007, la emisión primaria incluye los depósitos en cuenta corriente del Banco de la Nación. 6/ Considera los valores del BCRP adquiridos por las entidades del sistema financiero. Asimismo, incluye los saldos de los Certificados de Depósito Reajustables (CDRBCRP) indexados al tipo de cambio así como de los depósitos de esterilización (facilidades de depósito overnight y las subastas de depósitos a plazo en moneda nacional) de las entidades del sistema financiero. Elaboración:Gerencia de Política Monetaria - Subgerencia de Diseño de Política Monetaria 2