Central Reserve Bank: Eduardo Torres Rosa acquires general management

Eduardo Torres Llosa Villacorta today assumed the general management of the Central Reserve Bank of Peru (BCR). Judiciary, Elvia Barrios Palomino

Torres Llosa has been the general manager of BBVA Peru since 2007-2019, and recently served as senior management team including Chairman of the Board of Directors of Kosapi.

During his career at BBVA Group, he served as Investment Manager at AFP Horizonte and General Manager of BBVA Fondos Continental l. Later in his era, he led the digital transformation of BBVA Peru.

The new BCR Manager received a degree in Economics from Pacific University, an MBA in Finance from KU Leuven, Belgium, and conducted recent research on digital transformation and agile methodologies at the International Institute for Management Development (IMD) and MIT-Columbia University.

100 BCE

The Central Reserve Bank is 100 years old. On March 9, 1922, Law No. 4500 was promulgated and the Reserve Bank of Peru was established. This institution began its activities on April 4 of that year with the first president of Eulogio Romero and the first vice-president, Eulogio Fernandini.

According to a report by the newspaper El Peruano, the creation of new companies responded to the need for a monetary system that does not generate inflation during a booming period, such as deflation, such as those caused by rejected financial notes or the credit inflexibility of the gold standard.

The BCR was at the core of the country's monetary order by centralizing the issuance of banknotes and coins and the reserves that support them at the time, and adjusting the money supply according to the economic dynamics of the country. Not only that, but also intervened in the exchange market to stabilize it.

At that time, the first building occupied by the new institution was the building of the Circular Inspection Surveillance Committee in Block 2 of Jirón Miroquesada.The head of the educational institution was the board of directors of the highest level, composed of prominent figures from the financial and commercial world.

Three of them were representatives of the government and six banks. They will be renewed by a third of each year.When Peru establishes a foreign tax authority, a tenth member will be appointed. The BCR began issuing banknotes in 1922, the same year it was created. The unit of currency was the Peruvian gold pound. The important stabilizing role of the BCR allowed us to face the most important clashes of the 1920s: the child phenomenon of 1925-1926 and the fall of 1929.

President's estimates

Julio Velarde, President of the Central Reserve Bank (BCR), said today that if economic performance levels are maintained in December 2021, Peru's gross domestic product (GDP) growth rate will be 2.7% this year.

“Most of this year's growth is due to growth already given last year. If the December level is simply maintained, this year's GDP will grow by 2.7%.” He said at the RPP.

“We grow better than in this region, but Latin America has not performed very well in recent years.” He added.

Julio Velarde recalled that Peru suffered a political crisis with the resignation of Pedro Pablo Kuczynski, the departure of Martin Vizcara and other economic problems, but the country continued to grow to some extent because the rules of the game were expected to be maintained.

“In the case of a pandemic, in general, we have responded well, and perhaps something very strict is confinement,” he said.

On the other hand, the economist pointed out that the BCR estimates 0% growth in private investment this year.

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