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Peru finance minister steps down

Peru's finance minister stepped down June 4 amid protests against his decision to hike fuel taxes, Reuters reported.

In a televised address, Peruvian President Martin Vizcarra said he accepted the resignation of David Tuesta, who resigned two months into in the job, saying: "The country's growth will be obtained on the back of investments and better (tax) collection, not on raising tax rates.

Vizcarra said the state will push large companies to clear their tax dues, though he did not say whether he would reverse the fuel tax hike.

Tuesta's move to increase excise taxes on diesel and other fuels in response to high oil prices triggered an outcry in May, with organizers threatening to stage protests on a broader scale starting today. Representatives of truck and bus drivers reached a deal with the government June 4.

It was not clear if the finance minister's departure was part of this deal. Vizcarra became president in late March, replacing Pedro Pablo Kuczynski, who stepped down in a graft scandal.

Peruvian Sol was up 0.15% against the dollar on June 4.