Following the official announcement by the National Elections Board (JNE), Peru’s political landscape has begun a formal transition toward the 2026–2031 term of office. The final resolution of the electoral process has allowed international markets to begin factoring in a scenario of greater legal and economic predictability, dispelling the volatility that characterized the final stretch of the campaign.  

The Velarde Factor: A Guarantee of Monetary Stability 

The most significant development for institutional investors took place on Monday, July 6. At a meeting held at the headquarters of the Central Reserve Bank of Peru (BCRP), President-elect Keiko Fujimori formally asked Julio Velarde to remain at the helm of the institution.  

Following the meeting, it was announced that Velarde had agreed to remain at the helm of the BCRP for another five-year term. Global investment banks have interpreted this decision as the most significant signal of continuity during the transition, as it ensures the Central Bank’s autonomy, maintains a rigorous inflation-targeting policy, and safeguards the sound management of net international reserves.  

Market Expectations for the Second Half of the Year 

With clear macroeconomic guidelines, investment projections and asset analysis focus on three areas: 

• Adjustment in the Bond Yield Curve. Peruvian sovereign bonds and corporate debt are showing signs of stabilization following recent announcements, reducing the political risk premiums observed during the election process.
• Resumption of Investment Projects. Capital-intensive sectors, such as mining and infrastructure, are beginning to resume investment decisions that had been put on hold pending the election results.
• Institutional Checks and Balances. The analysis concludes that the economic framework will remain predictable thanks to the existing checks and balances in Congress, limiting the risk of abrupt changes to the current economic system. 

The speed with which the transition was managed in collaboration with the BCRP’s technical team reaffirms the strength of Peru’s institutional foundations. For international investors, the country is consolidating its position as a market that prioritizes monetary discipline and stable rules of the game—elements that are essential for attracting capital over the medium and long term.

Sources: JNE, BCRP (2026).

Armando Herrera

General Manager Fynsa Peru