Overview

• At Perumin 37, a letter from Federal Reserve Chair Jerome Powell lauded Julio Velarde’s nearly two decades of leadership and his “inquebrantable compromiso” with stability.
• Velarde was ovationed by the mining sector and received formal recognition, including a Doctor Honoris Causa, during the convention in Arequipa.
• In his remarks, he argued that U.S. tariffs promoted by President Donald Trump weaken Latin America’s long-term growth by making economies less efficient and less productive.
• He said fears of a U.S. recession have largely dissipated this year and observed that markets still underprice heightened geopolitical risks since Russia’s invasion of Ukraine.
• He called for protecting BCRP independence to keep inflation low and urged judicial predictability, a professional civil service and better basic education to translate external mining gains into sustained growth.