State Records High Dollarization Of Bank Deposits In February 2014

News: Dollarization of bank deposits in Peru sustained its rising trend in February 2014 as a result of the depreciation of the Peruvian currency, according to a report from Association of Banks (Asbanc). Deposits in the national currency fell by 1.96% year-on-year (y-o-y) to PEN88.3bn (US$31.2bn) in February 2014. Economic players, particularly businesses, are seeking better performance and to recover losses after a rise in the dollar's value, the report highlighted. Deposits in US dollars grew 40.8% year-on-year to US$31bn in February 2014, believed to be largest increase reported in the country's history. Of total deposits in the country, 49.6% were dollar-denominated in February 2014, the highest monthly percentage since April 2011, when they reached 50.3%.

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Geography: Peru

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