Middle East Conflict: How a Geopolitical Crisis Could Impact Peru's Economy

Lima, Peru – The looming possibility of conflict between Iran, Israel, and the United States could significantly impact Peru's economy, according to Julio Velarde, president of the Central Reserve Bank of Peru (BCRP). Velarde warned that a potential crisis in the Strait of Hormuz, a crucial global oil transit chokepoint, could trigger a sharp increase in international oil prices. Such a rise would directly translate into higher costs for fuels, transportation, and electricity within Peru, exerting upward pressure on inflation and potentially hindering the nation's economic growth. While Peru is not directly involved in the Middle East conflict, its economic consequences are a growing concern for policymakers. In response to this uncertain outlook, the BCRP is actively analyzing various risk scenarios to ensure a timely and effective response. Velarde underscored the importance of remaining vigilant, stating that the repercussions of the conflict could manifest more rapidly than anticipated, despite its geographical distance.

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