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Peru's central bank to cut reserve requirements in January

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Peru's central bank to cut reserve requirements in January

Banco Central de Reserva del Perú said it plans to cut in January 2017 the marginal reserve requirement for U.S. dollar deposits to 48% from 70% and lower the reserve requirement for local-currency deposits to 6% from 6.5%, Reuters reported.

The easing is aimed at boosting loan demand following the U.S. Federal Reserve's recent decision to increase borrowing costs for the first time in almost 10 years.

Together, the two measures are expected to result in the injection of 300 million Peruvian soles into the country's financial system, the central bank said.

The sol has fallen against the dollar since Donald Trump's U.S. election victory in November, the newswire noted.

As of Dec. 27, US$1 was equivalent to 3.38 Peruvian soles.