LatinNews Daily - 08 October 2021

In brief: Peru’s nuevo sol stabilises against US dollar following cabinet changes

* Peru’s nuevo sol has stabilised against the US dollar following President Pedro Castillo’s cabinet reshuffle on 6 October, which saw the far-left Prime Minister Guido Bellido replaced by the moderate-left Mirtha Vásquez and a number of other controversial ministers removed. Figures from Peru’s central bank (BCRP) show that the nuevo sol closed the day yesterday at PEN$4.094/US$1, representing a 1.21% increase in value against the US dollar. Peru’s currency has plumbed new depths against the dollar since  27 September, after Bellido threatened to nationalise the Camisea gas fields in the Cusco region. Whilst the cabinet changes have calmed business fears, it seems the Castillo administration is still planning on renegotiating its contract with the consortium operating Camisea – Vásquez yesterday established a commission to work on the contract renegotiations, including Energy & Mining Minister Eduardo González, Economy & Finance Minister Pedro Francke, and Foreign Minister Óscar Maúrtua.

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