November 2, 2014 / 10:30 PM / 5 years ago

Peru cenbank lowers bank reserve requirements to spur lending

LIMA, Nov 2 (Reuters) - Peru’s central bank said on Sunday it lowered local currency bank reserve requirements to 10 percent from 10.5 percent, a move aimed at increasing liquidity in the country’s financial system as the economy slows.

“This policy of flexibility seeks to facilitate an adequate amount of cash for the financial system at a time of lower deposit growth in local currency,” the bank said in a statement.

The monetary authority has been on a program of freeing local private bank reserves since June of last year, when the requirement stood at 20 percent.

Peru’s economy is expected to grow about 3 percent this year versus 5.8 percent in 2013, according to official estimates.

Reporting by Patricia Velez; Editing by Chris Reese

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