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

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: http://www.bcrp.gob.pe/publicaciones/nota-semanal.html CENTRAL RESERVE BANK OF PERU 95 YEARS 1922-2017

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

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

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 78 79 80 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)

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 103 99 100 101 102 103 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

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 113 111 111A 112 113 Cuadro 114 Cuadro 115 114 115

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 2017 1 05-ene 03-ene 15-dic Diciembre 2016 Diciembre 2016 Noviembre 2016 2 12-ene 10-ene 31-dic/07-ene Diciembre 2016 3 19-ene 17-ene 15-ene 31-dic Noviembre 2016 4 26-ene 24-ene 22-ene 5 02-feb 31-ene 31-ene 15-ene Enero 2017 Enero 2017 Diciembre 2016 6 09-feb 07-feb 07-feb Enero 2017 7 16-feb 14-feb 15-feb Diciembre 2016 8 23-feb 21-feb 22-feb 31-ene IV Trimestre 2016 9 02-mar 28-feb 28-feb 15-feb Febrero Febrero 10 09-mar 07-mar 07-mar Febrero Enero 2017 11 16-mar 14-mar 15-mar 12 23-mar 21-mar 22-mar 29-feb Enero 2017 13 30-mar 28-mar 15-mar 14 06-abr 04-abr 31-mar Marzo Marzo Febrero 15 20-abr 18-abr 15-abr Marzo Febrero 16 27-abr 25-abr 22-abr 31-mar 17 04-may 02-may 30-abr 15-abr Abril Abril 18 11-may 09-may 07-may Abril Marzo 19 18-may 16-may 15-may 30-abr Marzo I Trimestre 2017 20 25-may 23-may 22-may 21 01-jun 30-may 15-may May o 22 08-jun 06-jun 31-may /7-jun May o May o Abril 23 15-jun 13-jun 24 22-jun 20-jun 15-jun 31-may Abril 25 29-jun 26-jun 22-jun 15-jun 26 06-jul 04-jul 30-jun Junio Junio May o 27 13-jul 11-jul 07-jul Junio 28 20-jul 18-jul 15-jul 30-jun Mayo 29 03-ago 01-ago 22/31-jul 15-jul Julio Julio Junio 30 10-ago 08-ago 07-ago Julio 31 17-ago 15-ago 15-ago Junio 32 24-ago 22-ago 22-ago 31-jul II Trimestre 33 31-ago 29-ago 15-ago 34 07-sep 05-sep 31-ago Agosto Agosto Julio 35 14-sep 12-sep 07-sep Agosto 36 21-sep 19-sep 15-sep 31-ago Julio 37 28-sep 26-sep 22-sep 38 05-oct 03-oct 30-sep 15-sep Setiembre Setiembre Agosto 39 12-oct 10-oct 07-oct Setiembre 40 19-oct 17-oct 15-oct 30-Set Agosto 41 26-oct 24-oct 22-oct 42 02-nov 31-oct 31-oct 15-oct Octubre Octubre Setiembre 43 09-nov 07-nov 07-nov Octubre 44 16-nov 14-nov 15-nov 45 23-nov 21-nov 22-nov 31-oct Setiembre III Trimestre 46 30-nov 28-nov 47 06-dic 04-dic 30-nov 15-nov Nov iembre Nov iembre Octubre 48 14-dic 12-dic 07-dic Nov iembre 49 21-dic 19-dic 15-dic 30-nov Octubre La Nota Semanal se actualiza los viernes en la página web del instituto emisor (http://www.bcrp.gob.pe). 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

95 YEARS 1922-2017 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 2016. Inflation and CPI excluding food and energy (% change last 12 month) 5.0 CPI excluding food and energy CPI 4.0 3.0 Maximun 2.0 1.0 Mar.17 Apr.17 May.17 Jun.17 Jul.17 Aug.17 CPI 3.97 3.69 3.04 2.73 2.85 3.17 CPI without food and energy 2.72 2.79 2.54 2.38 2.36 2.57 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

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 -0.99 percentage points to the monthly inflation. Food prices (Monthly % change) 2.1 0.3 0.95-0.7-0.8-0.4 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 2016. 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$) 4.0 2.8 1.6 0.5 0.0 5.0 4.6 3.6 3.8 3.8 4.1 2.8 1.9 1.1 0.5 0.1-0.5-0.8-0.5-0.3-1.5-1.4-2.2-2.4-3.0-2.9-2.4-1.8-1.3 Trade balance (Million US$) Jul.2016 Jul.2017 Difference % chg. 1. Exports 3,351 3,398 47 1.4 Tradicional products 2,458 2,440-18 -0.7 Non-tradicional products 885 951 66 7.5 Other 9 8-1 -14.8 2. Imports 2,762 3,186 424 15.3 Consumer goods 683 784 101 14.8 Raw materials and intermediate goods 1,246 1,378 132 10.6 Capital goods 822 1,003 182 22.1 Other goods 11 20 9 81.7 3. Trade balance 589 213 Source: Sunat y BCRP. x

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$) Jul 2016 Jul 2017 % Chg. 1. Traditional products 2,458 2,440-0.7 Fishing 140 293 108.4 Agricultural 77 61-21.0 Mining 2,034 1,862-8.5 Oil and natural gas 206 224 9.0 2. Non-traditional products 885 951 7.5 Agricultural 372 424 13.9 Fishing 69 84 22.0 Textiles 103 115 11.9 Wood and paper, and its manufacturing 28 26-6.7 Chemicals 113 108-4.4 Non-metallic minerals 52 45-13.4 Iron & steel, and jewelry 91 97 6.2 Metal mechanic products 46 36-20.7 Others 10 15 44.6 3. Others 2/ 9 8-14.8 4. TOTAL EXPORS 3,351 3,398 1.4 Includes furs, leather, and handcrafts, mainly. 2/ Includes fuels and food sold to foreign ships, and repairs ofcapital goods. Source: Sunat and BCRP. Moreover, the value of imports reached US$ 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. 2016 Jul. 2017 % Chg. TOTAL IMPORTS 2,762 3,186 15.3 1. CONSUMER GOODS 683 784 14.8 Non-durable goods 346 433 25.1 Main food products 29 75 160.4 Rest 318 359 12.9 Durable goods 337 351 4.1 2. INPUTS 1,246 1,378 10.6 Fuel, oils, and related 331 361 9.1 Raw materials for agriculture 102 126 23.8 Raw materials for industry 813 891 9.6 3. CAPITAL GOODS 822 1,003 22.1 Construction materials 83 105 26.7 For agriculture 11 11 5.9 For industry 534 631 18.2 Transportation equipment 194 256 31.8 4. OTHERS GOODS 11 20 81.7 Source: Sunat, Free Trade Zone and MEF. xi

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) 5.7 7.6 9.5 10.6 11.9 8.4 5.7 6.1 7.2 4.7 1.0 1.8 1.0 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) 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Month Expectation (%) Dec.2015 3.45 Dec.2016 2.90 Jun.2017 2.89 Jul.2017 2.79 Aug.2017 2.73 0.0 Jan.2004 Jul.2005 Jan.2007 Jul.2008 Jan.2010 Jul.2011 Jan.2013 Jul.2014 Jan.2016 Aug.2017 2.73% 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

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, 2017 2017 3.0 2.8 2.8 2018 2.8 2.8 2.8 2019 2.5 2.5 2.7 Financial entities 2/ 2017 3.0 2.8 2.8 2018 2.8 2.8 2.6 2019 2.7 2.6 2.8 Non-financial firms 3/ 2017 3.0 3.0 3.0 2018 3.0 3.0 3.0 2019 3.0 3.0 3.0 29 analysts in June, 30 in July, and 31 in August 2017. 2/ 24 financial entities in June, 24 in July, and 24 in August 2017. 3/ 353 non-financial firms in June, 353 in July, and 358 in August 2017. 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, 2017 2017 2.5 2.5 2.6 2018 3.7 3.5 3.8 2019 4.0 4.0 4.0 Financial entities 2/ 2017 2.5 2.5 2.5 2018 3.7 3.5 3.5 2019 3.8 3.6 3.7 Non-financial firms 3/ 2017 3.0 3.0 3.0 2018 3.7 3.7 3.7 2019 4.0 4.0 4.0 29 analysts in June, 30 in July, and 31 in August 2017. 2/ 24 financial entities in June, 24 in July, and 24 in August 2017. 3/ 353 non-financial firms in June, 353 in July, and 358 in August 2017. 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 2018. xiii

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, 2017 2017 3.30 3.30 3.28 2018 3.40 3.40 3.35 2019 3.44 3.42 3.40 Financial entities 2/ 2017 3.31 3.30 3.27 2018 3.36 3.35 3.30 2019 3.40 3.38 3.34 Non-financial firms 3/ 2017 3.30 3.30 3.30 2018 3.40 3.40 3.40 2019 3.48 3.45 3.43 3.50 3.55 3.53 29 analysts in June, 30 in July, and 31 in August 2017. 2/ 24 financial entities in June, 24 in July, and 24 in August 2017. 3/ 353 non-financial firms in June, 353 in July, and 358 in August 2017. * 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 2018. Survey of Macroeconomic Expectations: Reference rate at the end of year (%) Economic analysts Survey date: Jun 28, 2017 Jul 31, 2017 Aug 31, 2017 2017 3.75 3.50 3.50 2018 3.75 3.50 3.50 2019 4.00 4.00 3.75 Financial entities 2/ 2017 3.75 3.50 3.50 2018 3.75 3.75 3.50 2019 4.00 4.00 4.00 29 analysts in June, 30 in July, and 31 in August 2017. 2/ 24 financial entities in June, 24 in July, and 24 in August 2017. 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

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 54.8 56.3 EXPECTATIONS ABOUT THE ECONOMIC SITUATION IN 12 MONTHS 68.6 71.0 EXPECTATIONS ABOUT THE SECTOR IN 3 MONTHS 55.8 57.8 EXPECTATIONS ABOUT THE SECTOR IN 12 MONTHS 66.6 69.5 EXPECTATIONS ABOUT YOUR COMPANY'S SITUATION IN 3 MONTHS 60.0 61.8 EXPECTATIONS ABOUT DEMAND IN 3 MONTHS 62.3 62.0 EXPECTATIONS OF HAVING NEW PERSONNEL HIRED IN 3 MONTHS 50.9 51.6 CURRENT SITUATION CURRENT BUSINESS SITUATION 56.5 56.9 LEVEL OF SALES 55.1 54.4 PRODUCTION LEVEL 52.9 56.6 LEVEL OF DEMAND COMPARED TO THE EXPECTED DEMAND 41.9 41.2 PURCHASING ORDERS COMPARED TO THE PREVIOUS MONTH 52.2 55.4 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.2017 3 months 57 55 56 70 12 months 70 69 71 60 50 40 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 (%) 4.00 3.84 3.75 3.75 1.09 1.24 1.25 1.29 Jun.2017 Jul.2017 Aug.2017 1-6 Sep.2017 Jun.2017 Jul.2017 Aug.2017 1-6 Sep.2017 xv

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 (%) 4.55 4.48 4.28 4.09 1.58 1.58 1.59 1.77 Jun.2017 Jul.2017 Aug.2017 1-6 Sep.2017 Jun.2017 Jul.2017 Aug.2017 1-6 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/ 28.39 billion, with an average interest rate of 4.3 percent, while the balance at end-august was S/ 28.06 billion, with the same interest rate. Interest rate of auctions of CD BCRP (%) Term (months) 1 3 6 12 18 2 Aug. 3.67 3 Aug. 3.61 7 Aug. 3.56 8 Aug. 3.52 9 Aug. 3.48 3.51 3.60 10 Aug. 3.53 3.51 3.52 11 Aug. 3.60 3.53 14 Aug. 3.50-3.58 15 Aug. 3.61 16 Aug. 3.60 3.54 17 Aug. 3.60 3.52 18 Aug. 3.63 21 Aug. 3.64 3.58 3.62 22 Aug. 3.61 23 Aug. 3.64 3.64 3.54 24 Aug. 3.63 3.59 25 Aug. 3.62 3.63 28 Aug. 3.63 3.62-3.63 29 Aug. 3.63 3.64 31 Aug. 3.56 3.57 3.58 3.61 1 Sep. 3.64 4 Sep. 3.60 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/ 11.83 billion, with an average interest rate of 5.2 percent. At end-august, the xvi

Exchange rate (Sol per US Dollar) FX intervention (Mill. US$) Resumen Informativo Semanal N 8 Weekly Economic Report 34 balance of this instrument was S/ 12.53 billion, with the same interest rate. Credit expansion repos registered a balance of S/ 4.95 billion with a rate of 5.3 percent (the same balance recorded at the end of August), while credit substitution repos showed a balance of S/ 3.73 billion with a rate of 3.8 percent (the same balance as that recorded at end August). ii. Security repos: On September 5 the balance of security repos was S/ 2.46 billion with an average interest rate of 4.5 percent. The same balance was recorded at the end of August. iii. Auctions of Treasury funds: On September 5, the balance of this instrument was S/ 2.0 billion, with an average interest rate of 5.1 percent. The same balance was recorded at the end of August. FOREX OPERATIONS AND EXCHANGE RATE On September 6, the selling price of the dollar in the interbank market closed at S/ 3.24 per dollar, an exchange rate 0.1 percent lower than that recorded at end August. Thus, the US dollar-pen exchange rate accumulates a decline of 3.6 percent compared to end-december 2016. Exchange rate and foreign exchange intervention in the spot market 3.60 400 3.50 Exchange rate FX Intervention 300 3.40 200 100 3.30 0 3.20-100 3.10 01-Oct-15 26-Jan-16 22-May-16 16-Sep-16 11-Jan-17 08-May-17 06-Sep-17-200 At September 5, the forex operations of BCRP show a buy position of US$ 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

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$) 12,000 10,000 8,000 6,000 4,000 2,000 0-2,000-152 -4,000 02-Jun-15 14-Sep-15 27-Dec.15 09-Apr-16 22-Jul-16 03-Nov-16 15-Feb-17 30-May-17 05-Sep-17 INTERNATIONAL RESERVES AT US$ 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. 2017 xviii

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$/pound) 320 280 240 200 160 01-Dec-15 11-Apr-16 16-Aug-16 22-Dec-16 27-Apr-17 06-Sep-17 % change 311 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016-1.0 5.9 126.9 US$ 3.11 / pound 1.0 8.1 24.8 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$/tr. ounce) 1,400 1,300 1,200 1,338 The rise in the price of gold was associated with the escalating tensions between North Korea and the United States. 1,100 1,000 01-Dec-15 11-Apr-16 16-Aug-16 22-Dec-16 27-Apr-17 06-Sep-17 % change 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 US$ 1,337.9 / troy oz. 1.5 5.5 15.4 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$/pound) 150 130 110 140 90 70 50 01-Dec-15 11-Apr-16 16-Aug-16 22-Dec-16 27-Apr-17 06-Sep-17 % change 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 US$ 1.40 / pound -0.7 10.1 20.4 xix

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$/barrel) 60 50 40 49 30 20 01-Dec-15 11-Apr-16 16-Aug-16 22-Dec-16 27-Apr-17 06-Sep-17 % change 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 US$ 49.2 / barrel 5.9-2.0-8.5 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$ 139.3 per ton. This price rose after Canada cut its forecasts for wheat production for this year, despite higher U.S. exports. Wheat price (US$/ton.) 200 175 150 125 100 01-Dec-15 11-Apr-16 16-Aug-16 22-Dec-16 27-Apr-17 06-Sep-17 % change 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 US$ 139.3 / ton. 9.2-10.8 7.8 139 The price of maize rose 3.5 percent to US$ 126.4 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$/ton.) 175 150 125 100 75 01-Dec-15 11-Apr-16 16-Aug-16 22-Dec-16 27-Apr-17 06-Sep-17 % change 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 US$ 126.4/ ton. 3.5-6.1-4.9 126 xx

Resumen Informativo Semanal N 8 Weekly Economic Report 34 In the same period, the price of soybean oil raised 3.0 percent to US$ 761.7 a ton. This price rise is associated with the fear that an early cold snap could freeze soybean crops. Soybean oil price (US$/ton.) 1000 900 800 700 600 762 500 01-Dec-15 11-Apr-16 16-Aug-16 22-Dec-16 27-Apr-17 06-Sep-17 % change 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 US$ 761.7 / ton. 3.0 1.7 4.6 US dollar strengthened in international markets Evolution of US$ per Euro (US$/Euro) 1.3 In August 29-September 6, the dollar appreciated 0.5 percent against the euro amid solid U.S. jobs data and the news about legislatures reached an agreement on the debt ceiling in this country. 1.2 1.1 1.19 1.0 01-Dec-15 11-Apr-16 16-Aug-16 22-Dec-16 27-Apr-17 06-Sep-17 % change 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 1.19 US$/euro -0.5 0.6 13.3 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) 140 130 120 110 100 119 90 80 70 02-Jan-13 11-Dec-13 17-Nov-14 29-Oct-15 03-Oct-16 31-Aug-17 Variation in basis points 31 Aug.2017 25 Aug.2017 31 Jul.2017 30 Dec.2016 118.6-0.4-0.6-7.5 xxi

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.) 800 700 600 500 400 300 200 100 EMBIG Perú EMBIG Latam 0 01-Dec-15 11-Apr-16 16-Aug-16 22-Dec-16 27-Apr-17 06-Sep-17 Variation in basis points 423 151 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 EMBIG Perú (bps) 151-4 -1-19 EMBIG Latam (bps) 423-12 -11-50 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. 2.0 2.11 1.0 0.0 01-Apr-15 27-Sep-15 28-Mar-16 16-Sep-16 10-Mar-17 06-Sep-17 Variation in basis points 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 2.11% -2-19 -34 3-Month Libor rate (%) 1.5 In the same period, the 3-month Libor remained at 1.32 percent amid geopolitical tensions. 1.0 0.5 1.32 0.0 01-Apr-15 27-Sep-15 28-Mar-16 16-Sep-16 10-Mar-17 06-Sep-17 Variation in basis points 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 1.32% 0 1 32 xxii

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 8,000 0 02-Dec-15 11-Apr-16 15-Aug-16 20-Dec-16 24-Apr-17 06-Sep-17 As of: % change compared to: 06 Sep.2017 29 Aug.2017 31 Jul.2017 30 Dec.2016 General Index 18,114 2.9 8.1 16.4 Selective Index 27,213 5.6 10.5 15.4 300 250 200 150 100 50 xxiii

Resumen de Indicadores Económicos 2015 Dic. Jun. 2016 Set. Dic. Mar. Jun. Jul. Ago. 29 Ago. 31 2017 Ago. Set. 1 Set. 4 Set. 5 Set. 6 Set. RESERVAS INTERNACIONALES (Mills. US$) Acum. Acum. Acum. Acum. Acum. Acum. Acum. Var. Var. Posición de cambio 25 858 25 367 27 440 27 116 28 750 29 534 30 520 32 459 32 498 1 978 32 530 32 602 32 774 276 Reservas internacionales netas 61 485 59 564 61 575 61 686 62 487 62 601 63 050 61 823 62 005-1 045 62 157 62 167 62 099 94 Depósitos del sistema financiero en el BCRP 22 559 20 532 20 041 19 937 19 488 19 024 17 834 16 448 16 604-1 230 16 722 16 684 16 433-171 Empresas bancarias 21 807 19 470 19 035 18 903 18 567 18 389 17 173 15 927 16 004-1 169 16 149 16 131 15 884-120 Banco de la Nación 82 293 295 378 316 90 102 35 52-50 89 84 79 27 Resto de instituciones financieras 670 768 710 657 605 545 560 486 547-12 484 469 469-78 Depósitos del sector público en el BCRP* 13 601 14 172 14 627 15 065 14 744 14 569 15 260 13 468 13 468-1 792 13 464 13 440 13 451-16 OPERACIONES CAMBIARIAS BCR (Mill. US$) Acum. Acum. Acum. Acum. Acum. Acum. Acum. Acum. Acum. Operaciones Cambiarias 647 201 40 2 785-307 860 0 3 1 843 16 61 142 163 382 Compras netas en Mesa de Negociación -296 461 0 0 738 0 920 0 3 1 506 16 61 81 163 321 Operaciones con el Sector Público 942-261 0 0 0 0 0 0 0 0 0 0 0 0 0 Otros 942-261 0 0 0 0 0 0 0 0 0 0 0 0 0 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/.) 1 748 2 081 2 188 2 539 2 132 2 071 1 974 405 686 1 957 3 681 4 031 3 875 3 930 Depósitos públicos en el BCRP (millones S/.) 30 694 32 591 28 423 28 467 29 211 32 522 34 398 31 221 30 917 30 917 30 790 30 515 30 156 n.d. 30 156 Certificados de Depósito BCRP (saldo Mill.S/.) 15 380 16 123 27 275 22 964 29 950 26 783 23 763 27 329 28 058 28 058 28 358 28 388 28 388 28 418 28 418 Subasta de Depósitos a Plazo (saldo Mill S/.) ** 840 1 066 900 0 137 0 900 6 639 5 765 5 765 2 000 1 950 3 000 3 600 3 600 CDBCRP-MN con Tasa Variable (CDV BCRP) (Saldo Mill S/.) *** 160 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CD Reajustables BCRP (saldo Mill.S/.) 7 059 3 105 600 805 150 0 0 0 0 0 0 0 0 0 0 Operaciones de reporte monedas (saldo Mill. S/.) 27 605 28 505 27 905 26 630 25 135 21 963 21 463 21 213 21 213 21 213 20 513 20 513 20 513 20 513 20 513 Operaciones de reporte (saldo Mill. S/.) 30 105 29 305 28 505 28 729 26 634 26 475 25 923 23 673 23 673 23 673 22 973 22 973 22 973 22 973 22 973 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 -11 886-1 082-591 -7 969 710-1 587-2 808 Ingresos corrientes del GG 11 303 9 497 10 025 11 542 10 848 9 073 9 251 Gastos no financieros del GG 22 661 10 339 10 744 19 866 10 516 10 834 11 851 COMERCIO EXTERIOR (Mills. US$) Balanza Comercial 285-185 71 1 075 123 748 213 Exportaciones 3 285 2 703 3 251 4 099 3 308 3 808 3 398 Importaciones 3 001 2 889 3 179 3 024 3 184 3 060 3 186 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 11356-2008; Oficio Múltiple N 24719-2010-SBS) son a partir de julio de 2010. ***** 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

2015 2016 2017 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 209 960 203 682 196 135 209 012 209 538 205 961 203 855 204 378 205 565 206 780 204 516 203 787 205 505 199 371-2,2-4 416 I. SHORT-TERM NET EXTERNAL DE CORTO PLAZO ASSETS (Millones de US$) 61 572 61 166 59 615 61 474 62 363 62 793 62 532 62 885 63 446 63 235 62 928 62 897 63 428 61 345-2,5-1 552 (Millions of US$) 1. Activos 64 045 63 841 62 112 63 951 64 392 64 989 64 632 65 024 65 762 65 923 65 268 64 873 65 745 63 650-1,9-1 223 1. Assets 2. Pasivos 2 474 2 675 2 497 2 477 2 029 2 196 2 100 2 138 2 316 2 688 2 340 1 976 2 318 2 305 16,7 329 2. Liabilities Var.% 4 últimas semanas Flujo 4 últimas semanas cuadro 1 II. ACTIVOS EXTERNOS NETOS -37 975-35 231-34 216-35 244-33 971-30 457-30 636-30 068-30 641-30 019-29 007-28 912-29 346-29 546 n.a. -634 II. LONG-TERM NET EXTERNAL DE LARGO PLAZO ASSETS (Millones de US$) 2/ -10 805-10 226-9 846-9 795-9 485-8 754-8 786-8 673-8 633-8 518-8 292-8 439-8 433-8 486 n.a. -47 (Millions of US$) 2/ III. ACTIVOS INTERNOS NETOS 77 416 78 476 84 630 78 893 84 818 82 968 82 541 82 310 81 296 82 020 82 379 87 085 85 568 93 290 7,1 6 205 III. NET DOMESTIC ASSETS 1. Sector Público -78 013-78 255-78 448-79 904-78 299-76 536-74 298-76 523-80 204-80 227-79 850-76 232-82 312-71 881 n.a. 4 351 1. Net assets on the public sector a. En moneda nacional -29 754-27 996-28 680-27 434-24 997-24 719-23 144-25 822-29 366-29 669-29 252-25 993-30 127-26 446 n.a. -453 a. Domestic currency b. En moneda extranjera -48 259-50 259-49 769-52 470-53 302-51 817-51 154-50 701-50 838-50 558-50 599-50 240-52 185-45 435 n.a. 4 805 b. Foreign currency (millones de US$) -14 152-15 093-15 127-15 432-15 864-15 798-15 692-15 600-15 691-15 461-15 569-15 506-16 106-13 980 n.a. 1 526 (Millions of US$) 2. Crédito al Sector Privado 255 471 255 452 259 257 264 983 268 661 266 792 267 334 267 762 268 312 270 052 269 831 269 997 272 705 272 257 0,8 2 260 2. Credit to the private sector a. En moneda nacional 177 988 180 864 185 121 186 373 190 731 190 823 191 380 191 363 191 852 192 258 191 676 191 919 193 443 193 274 0,7 1 355 a. Domestic currency b. En moneda extranjera 77 483 74 588 74 136 78 610 77 930 75 969 75 954 76 399 76 459 77 794 78 154 78 078 79 262 78 983 1,2 905 b. Foreign currency (millones de US$) 22 722 22 399 22 534 23 121 23 193 23 161 23 299 23 507 23 599 23 790 24 047 24 098 24 464 24 303 0,8 205 (Millions of US$) 3. Otras Cuentas -100 043-98 721-96 179-106 187-105 544-107 288-110 495-108 930-106 812-107 805-107 601-106 680-104 826-107 086 n.a. -406 3. Other assets (net) IV. LIQUIDEZ (=I+II+III) 3/ 249 401 246 928 246 548 252 661 260 386 258 472 255 760 256 619 256 220 258 781 257 888 261 960 261 727 263 116 0,4 1 156 IV. BROAD MONEY (=I+II+III) 3/ 1. Moneda Nacional 156 170 151 707 156 955 161 204 170 211 169 016 167 977 169 277 168 953 171 814 173 573 176 543 176 588 176 874 0,2 331 1. Domestic currency a. Dinero 4/ 71 324 66 580 66 504 69 259 73 805 70 918 72 075 70 591 70 909 71 665 73 005 73 994 74 650 74 548 0,7 554 a. Money 4/ i. Circulante 40 643 38 477 38 647 40 251 43 295 41 711 41 116 40 722 41 254 41 004 41 033 41 590 43 009 42 069 1,2 479 i. Currency ii. Depósitos a la Vista 30 681 28 103 27 857 29 008 30 509 29 207 30 959 29 869 29 655 30 661 31 973 32 404 31 640 32 478 0,2 74 ii. Demand deposits b. Cuasidinero 84 846 85 127 90 451 91 945 96 406 98 098 95 902 98 686 98 043 100 149 100 568 102 549 101 939 102 326-0,2-223 b. Quasi-money nota semanal / CUENTAS MONETARIAS / MONETARY ACCOUNTS 2. Moneda Extranjera 93 231 95 221 89 593 91 458 90 175 89 456 87 783 87 342 87 267 86 967 84 315 85 417 85 138 86 242 1,0 825 2. Foreign currency (Millones de US$) 27 340 28 595 27 232 26 899 26 838 27 273 26 927 26 875 26 934 26 595 25 943 26 363 26 277 26 536 0,7 173 (Millions of US$) 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

CUENTAS MONETARIAS DEL BANCO CENTRAL DE RESERVA DEL PERÚ / MONETARY ACCOUNTS OF THE CENTRAL RESERVE BANK OF PERU 2014 2015 2016 2017 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 185 678 190 102 190 855 197 835 209 663 204 065 195 966 209 355 207 263 205 237 203 069 203 083 204 113 207 363 203 454 204 282 200 897-1,7-3 386 I. NET INTERNATIONAL RESERVES (Millones de US$) 62 308 61 323 60 017 61 439 61 485 61 281 59 564 61 575 61 686 62 572 62 291 62 487 62 998 63 414 62 601 63 050 62 005-1,7-1 045 (Millions of US dollars) 1. Activos 62 353 61 384 60 072 61 487 61 537 61 429 59 611 61 618 61 746 62 698 62 379 62 605 63 106 63 565 62 787 63 239 62 157-1,7-1 082 1. Assets 2. Pasivos 45 61 55 47 52 149 47 43 60 125 88 118 108 151 186 189 152-19,5-37 2. Liabilities cuadro 2 II. ACTIVOS EXTERNOS NETOS 58 60 62 63 67 65 64 65 63 62 63 63 60 61 63 61 63 3,3 2 II. LONG -TERM NET DE LARGO PLAZO EXTERNAL ASSETS (Millones de US$) 2/ 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 0,0 0 (Millions of US dollars) 2/ 1. Créditos 1 783 1 932 2 017 2 056 2 138 6 236 6 086 6 232 5 944 5 890 5 804 5 798 5 869 5 994 5 941 6 011 6 004-0,1-7 1. Assets 2. Obligaciones 1 724 1 871 1 955 1 993 2 071 6 172 6 022 6 167 5 881 5 829 5 741 5 736 5 809 5 933 5 878 5 950 5 941-0,2-9 2. Liabilities III. ACTIVOS INTERNOS NETOS (1+2+3) -71 175-71 611-67 719-58 588-61 801-60 624-63 094-67 679-66 877-63 368-61 736-63 910-65 710-67 118-65 718-69 477-61 979 n.a. 7 498 III. NET DOMESTIC ASSETS 1. Sistema Financiero 9 900 17 200 23 536 31 789 30 105 29 805 29 520 28 505 28 729 27 434 26 934 26 634 26 634 25 992 26 475 25 923 23 673-8,7-2 250 1. Credit to the financial sector a. Créditos por regulación monetaria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,0 0 a. Credits of monetary regulation (rediscounts) b. Compra temporal de valores 1 300 4 900 2 631 3 034 2 500 2 100 1 015 600 2 099 1 199 1 499 1 499 1 499 1 100 4 512 4 460 2 460-44,8-2 000 b. Reverse repos c. Operaciones de reporte de monedas 8 600 12 300 20 905 28 755 27 605 27 705 28 505 27 905 26 630 26 235 25 435 25 135 25 135 24 892 21 963 21 463 21 213-1,2-250 c. Foreign exchange swaps 2. Sector Público (neto) -75 165-81 041-81 259-80 478-78 455-77 893-79 785-80 743-82 215-79 385-77 697-79 876-81 755-81 560-80 972-84 062-74 063 n.a. 9 999 2. Net assets on the public sector a. Banco de la Nación -8 051-7 880-6 626-6 369-7 205-5 299-6 665-3 912-6 674-5 429-5 107-4 214-4 201-3 662-3 514-3 961-4 057 n.a. -96 a. Banco de la Nacion b. Gobierno Central 3/ -62 234-68 496-70 256-69 839-67 257-68 600-70 541-72 387-70 634-69 001-68 061-71 171-73 660-74 141-73 930-77 440-67 847 n.a. 9 592 b. Central Goverment 3/ c. Otros (incluye COFIDE) -156-101 -63-71 -77-42 -50-16 -409-456 -172-162 -207-102 -149-195 -216 n.a. -21 c. Others (including COFIDE) d. Valores en Poder del Sector Público 4/ -4 725-4 565-4 315-4 199-3 917-3 952-2 529-4 428-4 499-4 500-4 357-4 329-3 686-3 656-3 380-2 467-1 943 n.a. 524 d. Securities owned by the Public Sector 4/ 3. Otras Cuentas Netas -5 910-7 770-9 995-9 899-13 450-12 536-12 829-15 441-13 391-11 416-10 973-10 668-10 589-11 550-11 221-11 338-11 589 n.a. -251 3. Other assets (net) IV. OBLIGACIONES MONETARIAS (I+II+III) 114 562 118 551 123 197 139 310 147 929 143 505 132 935 141 740 140 449 141 930 141 395 139 236 138 463 140 306 137 798 134 866 138 981 3,1 4 115 IV. MONETARY LIABILITIES (I+II+III) 1. En Moneda Nacional 68 359 64 449 60 377 69 797 71 280 69 542 66 350 74 605 74 730 75 298 77 430 76 926 77 328 77 103 76 262 77 413 85 354 10,3 7 941 1. Domestic currency a. Emisión Primaria 5/ 53 865 47 896 46 278 46 207 51 291 48 308 47 963 50 123 53 375 51 627 50 090 50 318 50 137 50 020 51 844 53 600 51 918-3,1-1 681 a. Monetary Base 5/ i. Circulante 39 173 36 949 36 854 37 272 40 643 38 477 38 647 40 242 43 295 41 711 41 116 40 719 41 254 41 009 41 033 43 009 n.d. n.a. n.a. i. Currency ii. Encaje 14 692 10 947 9 424 8 935 10 649 9 831 9 315 9 882 10 079 9 915 8 974 9 599 8 883 9 010 10 811 10 590 n.d. n.a. n.a. ii. Reserve b. Valores Emitidos 6/ 14 494 16 553 14 099 23 590 19 989 21 233 18 387 24 481 21 355 23 671 27 340 26 608 27 191 27 084 24 418 23 813 33 436 40,4 9 622 b. Securities issued 6/ 2. En Moneda Extranjera 46 202 54 102 62 820 69 513 76 649 73 963 66 585 67 136 65 719 66 632 63 965 62 310 61 135 63 203 61 537 57 453 53 627-6,7-3 826 2. Foreign currency (Millones de US$) 15 504 17 452 19 755 21 588 22 478 22 211 20 239 19 746 19 559 20 315 19 621 19 172 18 869 19 328 18 934 17 732 16 552-6,7-1 181 (Millions of US dollars) Empresas Bancarias 44 345 52 502 61 143 67 557 74 363 71 661 64 056 64 721 63 513 64 648 62 004 60 344 59 271 61 402 59 764 55 639 51 853-6,8-3 786 Commercial banks Resto 1 857 1 600 1 678 1 956 2 285 2 302 2 529 2 415 2 207 1 985 1 961 1 966 1 864 1 800 1 772 1 814 1 774-2,2-40 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