As of August 2, Peru’s international reserves surged to USD 74.23 bln, making up 29% of its GDP, with a significant portion allocated to FX sales for the public sector. On the economic front, Peru’s annual inflation rate declined to 5.88% in July, the lowest since January 2022, and the core rate declined to 3.89% YoY in July. The central bank kept its policy rate at 7.75%. Economic growth predictions for 2023 range from 1.2% to 2.0%, and for 2025, growth is anticipated between 2.6% and 3.0%.