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Viewing cable 06LIMA3618, ORTHODOX ECONOMIST NAMED TO CHAIR PERU'S CENTRAL BANK BOARD

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Reference ID Created Released Classification Origin
06LIMA3618 2006-09-12 13:41 2011-08-25 00:00 UNCLASSIFIED Embassy Lima
VZCZCXYZ0000
RR RUEHWEB

DE RUEHPE #3618/01 2551341
ZNR UUUUU ZZH
R 121341Z SEP 06
FM AMEMBASSY LIMA
TO RUEHC/SECSTATE WASHDC 2250
INFO RUEHBO/AMEMBASSY BOGOTA 3883
RUEHBU/AMEMBASSY BUENOS AIRES 2572
RUEHCV/AMEMBASSY CARACAS 9771
RUEHQT/AMEMBASSY QUITO 0671
RUEHLP/AMEMBASSY LA PAZ SEP SANTIAGO 0836
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUEATRS/DEPT OF TREASURY WASHINGTON DC
RHEFDIA/DIA WASHDC
RHMFIUU/CDR USSOUTHCOM MIAMI FL
RHEHAAA/NATIONAL SECURITY COUNCIL WASHINGTON DC
UNCLAS LIMA 003618 
 
SIPDIS 
 
SIPDIS 
 
DEPT FOR WHA/AND, EB/IEP 
COMMERCE FOR 4331/MAC/WH/MCAMERON 
TREASURY FOR AJEWELL AND JLEVINE 
DEPT PASS TO OPIC FOR J BRACHE 
DEPT PASS TO EXIM FOR DON HULTMAN 
 
E.O. 12958: N/A 
TAGS: ECON EINV EFIN PGOV TBIO PE
 
SUBJECT: ORTHODOX ECONOMIST NAMED TO CHAIR PERU'S CENTRAL BANK BOARD 
 
 
1.  Summary: President Alan Garcia named another well-known orthodox 
economist, Julio Velarde, to chair the Central Bank's Board of 
Governors, and three other governors as well.  The other nominees 
are the asparagus exporter and former Agriculture Minister (in the 
first Fujimori Administration) Jose Chlimper, orthodox economist and 
former IMF official Jose Valderrama, and former Industry Minister 
Carlos Raffo, who had served in Garcia's first Administration. 
Velarde is an ally of Garcia's conservative opponent in this year's 
presidential elections, Lourdes Flores. Markets have welcomed these 
designations as they indicate the willingness of the Garcia 
Administration to designate technocrats to key economic positions, 
as this may assure the independence of the Central Bank.  Congress 
will consider the ratification of Velarde and will designate its own 
three governors to complete the new board.  End Summary. 
 
CONSERVATIVE ECONOMIST 
---------------------- 
2.  The official gazette El Peruano carried on September 7, 2006, a 
Supreme Resolution designating Julio Emilio Velarde Flores as 
chairman of the Central Bank's (BCR) Board of Governors for a 
five-year term.  Velarde is no stranger to the BCR, as he served 
twice at its board of governors, first in 1990-1992, during 
President Alberto Fujimori's first term, and later under President 
Alejandro Toledo, both incomplete five-year terms.  Born on July 1, 
1952, Velarde received his B.Sc. in economics from the reputed local 
University of the Pacific (UP) in 1974; he did graduate studies in 
economics in Germany and was a Ph.D candidate in economics at Brown 
University. He speaks good English and German. 
 
3.  Velarde was a professor and researcher at the University of the 
Pacific since 1975, and has done consultancy work for international 
agencies such as the IDB, World Bank, USAID, ILO and Canada's IDRC. 
In October 2003 he was designated Executive President of the 
Latin-American Reserve Fund (FLAR, for its Spanish acronym) for a 
three year period, from 2004.  FLAR was created in 1976 as the 
Andean Reserve Fund, to be an alternative to the IMF for the Andean 
countries.  In 1988 it became FLAR to allow in other Latin-American 
countries, with Bolivia, Colombia, Costa Rica, Ecuador, Peru and 
Venezuela its current member countries. 
 
4.  For several years, as he worked as a civil servant for 
international organizations, Velarde was also conservative 
presidential candidate Lourdes Flores' personal economic adviser. 
If Flores had won the 2006 elections, Velarde was expected to be 
given a key economic position in her government. 
 
OTHER CONSERVATIVES ON THE BOARD 
-------------------------------- 
5.  The BCR board of governors is made of seven members, four 
nominated by the Executive branch and three by Congress.  The GOP 
designated the three other nominees: Jose Chlimper Ackerman, Jose 
Valderrama Leon, and Carlos Alberto Raffo Dasso.  Chlimper is a 
major asparagus exporter, a partner in a local pharmaceutical 
company and former Agriculture Minister in the first Fujimori 
Administration in the 1990s.  An agricultural engineer by training, 
he is considered a reputable business leader.  He is allied with 
Parliament's 13-strong Fujimorista group, a group now headed by 
Keiko Fujimori, the former President's daughter. 
 
6.  Valderrama is a respected orthodox economist and former IMF 
official.  He has worked in various positions and at different times 
at the Ministry of Economy and Finance (MEF), as Advisor to the 
Minister on macroeconomic issues, and he also headed the BCR's 
Research Department.  Valderrama has been a manager at two reputed 
local think tanks, the Peruvian Institute of Economics, and Chief 
Economist of the local consultancy Apoyo S.A., the group headed by 
recently nominated Ambassador to the United States Fernando Ortiz de 
 
Zevallos.  Velarde did his doctoral work in economics at Vanderbilt 
University. He is said to have been the personal choice of Minister 
of Economy and Finance Luis Carranza. 
 
7.  Carlos Alberto Raffo is a friend of President Garcia's and 
served as Industry Minister in his first APRA Administration 
(1985-90). According to political observers, Raffo fills the APRA's 
"quota" on the BCR's board, and will likely serve as the President's 
eyes and ears on the board. 
 
COMMENT 
------- 
8.  The appointment of several conservative nominees to the BCR's 
board of governors complements the appointment last July 2006 of 
orthodox economist Luis Carranza as Economy and Finance Minister, 
and markets have reacted positively.  These latest nominations are 
likely to work to help maintain the BCR's independence from the 
Executive - which may be just what the Garcia Administration 
intends, given the President's unfortunate experience in the 1980s. 
STRUBLE