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Peru's Castillo Appoints Marxist as New Prime Minister
Posted
July 30, 2021
Views
7,509
Likes
48
Comments
35
Engagement
1.11%
July 30, 2021
7,509
48
35
1.11%
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7:40:16
2:12Now PlayingPeruvian assets tumbled on concern new President Pedro Castillo’s top economic adviser may not take a cabinet role, further fueling investor anxiety over his government’s plans to remake the economy.
An ETF tracking Peru stocks fell more than 7%, the currency had its worst day since 1994 and overseas bonds due in 2031 slipped to the lowest in seven weeks. Peru equity funds recorded their biggest outflow in more than eight years this week, according to EPFR Global data, continuing a streak of market volatility that’s upended the Andean nation’s reputation among investors for relative stability and reliable policy making.
Castillo, a former schoolteacher and union leader affiliated with a Marxist party, emerged out of relative obscurity this year to win the presidency after consolidating support from Peru’s left-wing. While investors have been unsettled by some of his proposals, they took solace from the expectation that his chief economic adviser, former World Bank economist Pedro Francke, would take over as finance minister and largely preserve macro-economic policy, albeit with a greater focus on social spending and fighting unemployment.
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