Peru - Recent financial developments

- RETURN TO REPORTS DESK WITHIN R e p o r t N o. WH-78a ONE WEEK F This report was prepared for use within the Bank. In making it available to others-, the Bank assumes no responsibility to them for the accuracy or, completeness of the information contained herein. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT RECENT FINANCIAL DEVELOPMENTS IN PERU AN ADDENDUM TO "THE CURRENT ECONOMIC POSITION AND PROSPECTS OF PERU" (WH-70a, February 26, 1958) August 10, 1958 Department of Operations Western Hemisphere  CURRENCY EQUIVALENTS 1 U.S. $ z approximately 24.25 soles I sol a approximately 4 cents 1 million soles a approximately $41,240  TABLE OF C ONTENTS Page No. INTRODUCTI ON 1 RECE.NT DEVELOPIEENITS 2 Trade 2 Fiscal 2 Pilonetary 3 Recapitulation 3 Exchange and Pa-yments 4 EXTERNAL DEBT 5 PROS7ECTS 5 Short term 5 Long term 6 C ONCLUSION 7 TABLE - ESTIiVATED SERVICE PAYMTUTS  INTRMUCTI OH 1. This memorandum reports on financial developments in Peru during the first seven months of 1958, updating the last Economic Report (EEL-70a dated February 26, 1958). 2. That Renort noted that the main developments during 1957 centered on three fronts: (i) Large increases in wages and salaries accompanied by intensified labor union activity and more freauent (ii) Continuation of the comercial bank credit expansion to the private se-tor. (iii) Large deficits of the nublic sector financed by Central Ber