PERU BEGINS FOREIGN EXCHANGE RATIONING
Peru will put into effect Monday a foreign
exchange rationing system for imports designed to stop a slide
in the country's international reserves, a government decree in
the Official Gazette said.
    Under the system, importers will be required to present a
bill from the foreign seller of goods and apply for a license
for foreign exchange. The central bank will have 10 days to
decide whether to issue the required foreign exchange.
    Net international reserves now total about 800 mln dlrs
compared to 1.54 billion dlrs a year ago.
    The system will be effective until the end of 1988.
    A ceiling for foreign exchange availability will be set by
a council with members from the central bank, the economy
ministry and the planning and foreign trade institutes. The
central bank will issue licenses to procure foreign exchange in
accordance with guidelines set by the council.
    Peru's reserves fell sharply due to a drop in the trade
surplus to about five mln dlrs in 1986 from 1.1 billion in
1985, according to preliminary central bank estimates.
   Total exports dropped to 2.50 billion dlrs last year against
2.97 billion in 1985.
   Imports last year rose sharply as gross domestic product
grew by about 8.5 pct, the highest economic growth level
registered in 12 years. Imports were about 2.49 billion dlrs in
1986 against 1.87 billion in 1985, according to preliminary
estimates.
    The cushion of reserves allowed Peru to take a hard-line
debt stance last year and suspend most payments due on its 14.3
billion dlr foreign debt.
 REUTER
