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Peru Ratifies Julio Velarde as Central Bank Chief for Five More Years to 2031

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Courtroom-sketch editorial illustration of Julio Velarde standing in a navy pinstripe suit and red tie beside a tall Peruvian flag, framed by leafy plants and blue-violet window panels, rendered in warm ochre and slate-blue pastel strokes.

Peru's executive formalized the ratification of Julio Velarde as president of the Central Reserve Bank for five more years, through 2031, by Supreme Resolution 258-2026-PCM published in the official gazette on August 21. The measure was signed by President Keiko Fujimori, Council of Ministers President Luis Galarreta, and Economy Minister Elmer Cuba. Velarde has led the bank since 2006 and now heads into a fifth term under a fifth government, with average inflation near 2 percent across his tenure. The appointment still requires ratification by the Senate under Article 86 of the constitution. The executive also named Luis Palomino, Inés Choy, and Gustavo Yamada as bank directors.

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