BCRP Study Notes: Liquidity and Credit - April 2026

BCRP STUDY NOTES
No. 38 – May 28, 2026
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LIQUIDITY AND CREDIT: APRIL 20261
I. CREDIT TO THE PRIVATE SECTOR2

1. Credit to the private sector accelerated its year-over-year growth rate in April, rising from 7.2 percent in March to 8.7 percent. This result corresponds to a monthly growth of 1.9 percent.
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2. The year-over-year growth of credit granted to individuals stood at 8.2 percent in April (7.6 percent in the previous month). Meanwhile, credit to companies increased by 9.0 percent year-over-year, compared to the 6.9 percent increase recorded in March.
3. By currency, the year-over-year growth rate of credit to the private sector in soles was 7.4 percent in April, explained by the increase in credit to companies (6.5 percent) and credit to individuals (8.3 percent). On the other hand, credit to the private sector in foreign currency grew by 13.4 percent year-over-year, explained by both the increase in credit to companies (14.2 percent) and credit to individuals (7.0 percent).
   1
   Prepared by Balila Acurio, John Aguirre, Milagros Cabrera, Marcelino Cueto, Juan Carlos Otoya, Renzo Pardo, Sebastián Paz, Daniel Solano and reviewed by Jorge Pozo, Fernando Pérez and Adrián Armas. 2 Foreign currency balances, unless otherwise specified, are valued at the constant exchange rate of December 2025 (S/ 3.36 per US dollar), to isolate the effect of exchange rate valuation on foreign currency balances. Credit to the private sector comprises the total placements and investments of liquidity-creating institutions towards non-financial companies and households domiciled in the country. CREDIT TO THE PRIVATE SECTOR Annual variation rates (%) 1,2 1,9 2,2 3,8 4,4 4,9 5,6 5,9 6,6 7,3 7,1 7,2 8,7 0 1 2 3 4 5 6 7 8 9 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 Dec25 Jan26 Feb26 Mar26 Apr26

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TOTAL CREDIT TO THE PRIVATE SECTOR, BY TYPE OF PLACEMENT 1/ Millions of S/ Apr-26 Feb-26/ Feb-25 Mar-26/ Mar-25 Apr-26/ Apr-25 Apr-26/ Mar-26 Credit to companies 260 275 7,0 6,9 9,0 2,5 Corporate and large companies 143 589 6,5 5,4 8,4 3,8 Medium-sized companies 19 186 2,4 5,1 8,9 0,8 Small and micro-enterprises 97 501 8,7 9,5 9,8 1,0 Credit to individuals 187 386 7,4 7,6 8,2 1,1 Consumption 111 028 7,4 8,0 9,0 1,3 Vehicle 3 557 5,3 5,2 6,5 1,4 Credit cards 18 588 4,9 5,5 7,4 2,6 Other 88 883 8,0 8,6 9,4 1,1 Mortgage 76 358 7,3 7,2 7,1 0,7 Mivivienda 12 111 3,3 3,3 3,5 0,2 TOTAL 447 660 7,1 7,2 8,7 1,9 1/ Dollar balances are valued at constant exchange rate (S/ 3.36 per USD). Growth rates (%) CREDIT TO THE PRIVATE SECTOR IN LOCAL CURRENCY, BY TYPE OF PLACEMENT Millions of S/ Apr-26 Feb-26/ Feb-25 Mar-26/ Mar-25 Apr-26/ Apr-25 Apr-26/ Mar-26 Credit to companies 172 405 3,8 4,0 6,5 2,8 Corporate and large companies 67 846 -0,8 -2,2 2,5 6,0 Medium-sized companies 12 059 -3,1 0,5 5,8 1,4 Small and micro-enterprises 92 500 8,4 9,2 9,6 0,8 Credit to individuals 176 916 7,5 7,7 8,3 1,1 Consumption 104 667 7,0 7,6 8,6 1,3 Vehicle 3 285 6,3 6,0 7,2 1,4 Credit cards 16 263 4,1 5,0 7,0 2,5 Other 85 119 7,6 8,2 8,9 1,0 Mortgage 72 248 8,1 7,9 7,9 0,8 Mivivienda 12 105 3,4 3,4 3,6 0,2 TOTAL 349 321 5,7 5,9 7,4 1,9 Growth rates (%) CREDIT TO THE PRIVATE SECTOR IN FOREIGN CURRENCY, BY TYPE OF PLACEMENT Millions of USD Growth rates (%) Apr-26 Feb-26/ Feb-25 Mar-26/ Mar-25 Apr-26/ Apr-25 Apr-26/ Mar-26 Credit to companies 26 152 13,6 13,1 14,2 1,9 Corporate and large companies 22 543 13,6 13,0 14,2 1,9 Medium-sized companies 2 121 13,1 13,9 14,5 -0,3 Small and micro-enterprises 1 488 14,6 13,8 13,8 5,2 Credit to individuals 3 116 5,3 5,8 7,0 1,3 Consumption 1 893 13,8 14,2 15,9 2,3 Vehicle 81 -5,7 -3,7 -1,4 0,7 Credit cards 692 10,9 9,2 10,2 3,1 Other 1 120 17,7 19,2 21,3 1,9 Mortgage 1 223 -5,2 -4,9 -4,3 -0,1 TOTAL 29 268 12,7 12,3 13,4 1,8

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No. 38 – May 28, 2026
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I.1 CREDIT TO COMPANIES
4. The year-over-year variation rate of credit to companies rose from 6.9 percent in March to 9.0 percent in April, corresponding to a monthly increase of 2.5 percent.
5. The balance of credit in the corporate and large company segment increased by 8.4 percent year-over-year, corresponding to a monthly increase of 3.8 percent. This category represents 55.2 percent of the credit balance of Deposit-creating Societies granted to companies.
6. On the other hand, the balance of credit to medium-sized companies had a year-over-year growth rate of 8.9 percent in April, corresponding to a monthly increase of 0.8 percent. This is explained by the increase in monthly credit in soles (1.4 percent) partially offset by a reduction in monthly credit in dollars (0.3 percent).
7. Regarding credit to small and micro-enterprises, the year-over-year growth rate rose to 9.8 percent, corresponding to a monthly growth of 1.0 percent. This is explained by the increase in monthly credit in both soles and dollars (0.8 and 5.2 percent, respectively).
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CREDIT TO THE COMPANY SEGMENT, BY CURRENCY AND COMPANY SIZE Apr-26 Feb-26/ Feb-25 Mar-26/ Mar-25 Apr-26/ Apr-25 Apr-26/ Mar-26 Corporate and large companies 143 589 6,5 5,4 8,4 3,8 Local Currency (M.N.) 67 846 -0,8 -2,2 2,5 6,0 Foreign Currency (M.E.) (USD Millions) 22 543 13,6 13,0 14,2 1,9 Dollarization (%) 52,7 53,6 53,7 52,7 52,7 Medium-sized companies 19 186 2,4 5,1 8,9 0,8 Local Currency (M.N.) 12 059 -3,1 0,5 5,8 1,4 Foreign Currency (M.E.) (USD Millions) 2 121 13,1 13,9 14,5 -0,3 Dollarization (%) 37,1 37,7 37,6 37,1 37,1 Small and micro-enterprise 97 501 8,7 9,5 9,8 1,0 Local Currency (M.N.) 92 500 8,4 9,2 9,6 0,8 Foreign Currency (M.E.) (USD Millions) 1 488 14,6 13,8 13,8 5,2 Dollarization (%) 5,1 5,0 4,9 5,1 5,1 TOTAL 260 275 7,0 6,9 9,0 2,5 Local Currency (M.N.) 172 405 3,8 4,0 6,5 2,8 Foreign Currency (M.E.) (USD Millions) 26 152 13,6 13,1 14,2 1,9 Dollarization (%) 33,8 34,1 34,0 33,8 33,8 Millions of S/ Growth rates (%) Corporate: Annual sales exceeding S/ 200 million (idem). Large companies: Annual sales between S/ 20 million and S/ 200 million (Annual sales between S/ 20 million and S/ 200 million; or maintain capital market issuances in the last year). Medium-sized companies: Annual sales between S/ 5 million and S/ 20 million (Total indebtedness exceeding S/ 300 thousand or annual sales not exceeding S/ 20 million). Small companies: Annual sales less than S/ 5 million and total indebtedness greater than S/ 20 thousand (Total indebtedness between S/ 20 thousand and S/ 300 thousand). Micro-enterprises: Annual sales less than S/ 5 million and total indebtedness less than S/ 20 thousand (Total indebtedness not exceeding S/ 20 thousand). Note: The criteria for classifying corporate credit by credit segment are carried out according to the SBS. Through Resolution No. 02368-2023 of July 14, 2023, the SBS modified the definition of corporate credit by segment. In parentheses, the information valid until September 2024.

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I.2 CREDIT TO INDIVIDUALS
8. Credit to individuals registered a year-over-year growth rate of 8.2 percent in April, corresponding to a monthly increase of 1.1 percent. Within this segment, consumption credit registered a year-over-year increase of 9.0 percent, corresponding to a monthly growth of 1.3 percent.
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9. Within the consumption segment, vehicle credit presented a year-over-year growth of 6.5 percent (5.2 percent in March) and a dollarization ratio of 7.6 percent. Credit associated with cards increased by 2.6 percent monthly and registered a dollarization ratio of 12.5 percent.
10. On the other hand, the year-over-year variation rate of other consumption credits increased to 9.4 percent in April.
11. Regarding mortgage credit, the year-over-year growth rate stood at 7.1 percent in April. The dollarization coefficient of these credits remained at 5.4 percent during the month.
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12. With information as of May 27, 2026, and in relation to May of last year, interest rates have shown mixed behavior. On the one hand, the reference rate stood at 4.25 percent in the month, registering an accumulated reduction of 0.25 p.p. in the last 12 months. Likewise, reflecting the transmission of monetary policy actions, active interest rates associated with credit to the corporate, large, medium, and small company sectors decreased (accumulated decreases of 0.21 p.p., 0.48 p.p., 1.06 p.p. and 0.24 p.p. in the last 12 months, respectively). On the other hand,
CONSUMPTION CREDIT
Annual variation rates (%)
-0,6
0,6
2,5
4,6
6,1
7,3 6,9 7,4 7,5 7,4 7,4
8,0
9,0
-3
0
3
6
9
Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 Dec25 Jan26 Feb26 Mar26 Apr26 MORTGAGE CREDIT Annual variation rates (%) 6,1 6,1 6,0 6,3 6,7 6,8 7,0 7,2 7,3 7,4 7,3 7,2 7,1 5,0 5,5 6,0 6,5 7,0 7,5 8,0 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 Dec25 Jan26 Feb26 Mar26 Apr26

BCRP STUDY NOTES
No. 38 – May 28, 2026
5 / 9 credit rates for micro-enterprises and consumption do not show a decreasing trend, considering that these are determined by other specific factors of each business line, beyond monetary policy. Source: BCRP and SBS BCRPData/NELYC202604C5
II. LIQUIDITY
13. Private sector liquidity decreased by 0.4 percent in April, while its year-over-year growth accelerated to 16.6 percent.
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14. Liquidity decreased by 0.4 percent in the month. By component, a decrease in sight deposits (4.4 percent) and C.T.S. deposits (1.4 percent) was observed. This reduction was partially compensated by the increase in currency in circulation (0.7 percent), savings deposits (0.9 percent) and time deposits (1.9 percent).
15. On the one hand, liquidity in soles decreased by 0.8 percent in April, which is explained by the decrease in sight deposits (4.0 percent), time deposits (1.1 percent) and C.T.S. deposits (1.3 percent); partially compensated by the increase in currency in circulation (0.7 percent) and savings deposits (0.6 percent). On the other hand, liquidity in foreign currency increased by 1.0 percent in the month due to the increase in savings deposits (1.9 percent) and time deposits (8.2 percent), partially compensated by the decrease in sight deposits (4.9 percent) and C.T.S. deposits (1.6 percent).
ACTIVE INTEREST RATES IN LOCAL CURRENCY 1/ Variation Dec-19 Dec-20 Dec-23 Dec-24 May-25 Dec-25 Apr-26 May-26* Average. since 2010 May-26*/ May-25 Reference 2,25 0,25 6,75 5,00 4,50 4,25 3,79 -0,25 Interbank 2/ 2,25 0,23 6,86 4,95 4,48 4,24 4,25 4,25 3,81 -0,23 Preferential 3/ 3,26 0,62 7,66 5,19 5,05 4,78 4,65 4,64 4,68 -0,41 TAMN 14,35 12,10 15,88 15,02 14,96 17,06 16,31 16,50 15,64 1,54 FTAMN 18,24 17,55 28,43 27,52 31,19 31,44 31,54 32,45 22,18 1,26 Corporate 3,80 2,51 8,08 5,84 5,95 5,71 5,70 5,74 5,42 -0,21 Large companies 6,01 4,60 10,22 8,35 7,86 7,56 7,36 7,38 7,13 -0,48 Medium-sized companies 9,28 6,07 13,34 10,30 10,91 9,75 10,01 9,85 10,39 -1,06 Small companies 18,03 17,23 22,85 19,77 19,85 19,47 19,02 19,61 20,38 -0,24 Micro-enterprises 4/ 44,54 22,64 43,85 48,76 55,15 57,75 55,62 55,62 41,88 0,47 Consumption 4/ 43,13 41,47 54,27 55,56 56,59 54,87 57,39 57,39 49,13 0,80 Mortgage 7,00 6,39 9,10 8,21 7,74 7,89 7,77 7,82 8,38 0,08 2/ Corresponds to the period average Historical average since September 2003 for reference and interbank rates. Since September 2010 for the rest. 4/ Corresponds to the financial system average. *Information as of May 27, 2026. Rates (%) 1/ Active rates on an annual basis of operations carried out in the last 30 days in banking companies. 3/ Corporate preferential rate for 90 days PRIVATE SECTOR LIQUIDITY BY CURRENCIES Annual variation rates (%) 10,5 10,3 6,7 6,9 4,9 4,2 4,1 7,5 11,4 12,2 14,9 17,3 17,8 1,4 5,7 12,0 10,1 7,7 10,2 10,7 11,4 10,6 11,5 10,5 10,9 13,3 0 5 10 15 20 Apr25 May25 Jun25 Jul25 Aug25 Sep25 Oct25 Nov25 Dec25 Jan26 Feb26 Mar26 Apr26 Soles Dollars Total

BCRP STUDY NOTES
No. 38 – May 28, 2026
6 / 9 increment in currency in circulation (0.7 percent) and savings deposits (0.6 percent). On the other hand, liquidity in foreign currency increased by 1.0 percent in the month due to the increase in savings deposits (1.9 percent) and time deposits (8.2 percent), partially compensated by the decrease in sight deposits (4.9 percent) and C.T.S. deposits (1.6 percent). BCRPData/NELYC202604C6 BCRPData/NELYC202604C7 BCRPData/NELYC202604C8 TOTAL PRIVATE SECTOR LIQUIDITY, BY LIABILITY TYPE Apr-26 Feb-26/ Feb-25 Mar-26/ Mar-25 Apr-26/ Apr-25 Apr-26/ Mar-26 Currency in circulation 98 632 18,8 19,2 18,9 0,7 Private sector deposits 449 550 13,0 15,6 16,9 -0,5 Sight deposits 138 308 16,7 22,8 24,1 -4,4 Savings deposits 177 536 19,1 19,5 19,3 0,9 Time deposits 125 266 2,4 4,5 8,0 1,9 C.T.S. deposits 8 440 6,1 1,1 0,3 -1,4 TOTAL 561 374 13,7 15,6 16,6 -0,4 Memo: Fixed income mutual funds 35 292 24,9 20,8 20,7 2,6 Millions of S/ Growth rates (%) PRIVATE SECTOR LIQUIDITY IN LOCAL CURRENCY, BY LIABILITY TYPE Apr-26 Feb-26/ Feb-25 Mar-26/ Mar-25 Apr-26/ Apr-25 Apr-26/ Mar-26 Currency in circulation 98 632 18,8 19,2 18,9 0,7 Deposits 308 186 13,9 17,4 18,3 -1,2 Sight deposits 86 362 19,3 27,5 30,2 -4,0 Savings deposits 132 792 20,0 21,8 21,7 0,6 Time deposits 82 033 1,6 3,9 4,9 -1,1 C.T.S. deposits 6 999 7,8 2,2 1,4 -1,3 TOTAL 417 516 14,9 17,3 17,8 -0,8 Memo: Fixed income mutual funds 12 897 13,5 13,3 13,5 1,8 Millions of S/ Growth rates (%) PRIVATE SECTOR LIQUIDITY IN FOREIGN CURRENCY, BY LIABILITY TYPE Apr-26 Feb-26/ Feb-25 Mar-26/ Mar-25 Apr-26/ Apr-25 Apr-26/ Mar-26 Deposits 42 073 11,2 11,7 13,9 1,0 Sight deposits 15 460 13,0 15,9 15,0 -4,9 Savings deposits 13 317 16,6 13,0 13,0 1,9 Time deposits 12 867 4,0 5,7 14,3 8,2 C.T.S. deposits 429 -1,6 -3,9 -4,6 -1,6 TOTAL 42 815 10,5 10,9 13,3 1,0 Memo: Fixed income mutual funds 6 665 32,5 25,7 25,3 3,2 Millions of USD Growth rates (%)

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III. DOLLARIZATION
16. The dollarization coefficient of credit to the private sector remained at 22.0 percent in April.
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17. Valued at the constant exchange rate of December 2025, the dollarization of liquidity rose from 25.3 percent in March to 25.6 percent in April, and the dollarization of deposits increased from 31.0 to 31.4 percent in the same period.
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IV. EXTERNAL LIABILITIES OF THE BANKING SECTOR
18. In April, the external liabilities of the banking sector increased by USD 482 million. By maturity components, short-term liabilities (maturity less than or equal to one year) increased by USD 65 million, and medium and long-term liabilities increased by USD 416 million.
DOLLARIZATION COEFFICIENTS OF CREDIT TO THE PRIVATE SECTOR 1/ Dec-22 Dec-23 Dec-24 Apr-25 Dec-25 Feb-26 Mar-26 Apr-26 Credit to companies 31,0 32,9 31,7 32,2 33,8 34,1 34,0 33,8 Corporate and large companies 49,0 51,1 49,4 50,1 52,8 53,6 53,7 52,7 Medium-sized companies 23,8 26,9 34,1 35,3 37,9 37,7 37,6 37,1 Small and micro-enterprise 2,4 2,2 4,9 5,0 4,9 5,0 4,9 5,1 Credit to individuals 6,1 5,7 5,5 5,6 Consumption 4,9 4,8 5,3 5,4 5,5 5,6 5,7 5,7 Vehicle 9,8 9,1 8,8 8,2 7,7 7,6 Credit cards 10,4 10,6 11,8 12,2 12,1 12,8 12,4 12,5 Other 3,5 3,3 3,7 3,8 4,0 4,1 4,2 4,2 Mortgage 7,9 7,1 6,4 6,0 5,5 5,5 5,4 5,4 TOTAL 21,3 21,7 20,9 21,0 21,9 22,1 22,0 22,0 Percentages 1/ From October 2024, Resolution No. 02368-2023 comes into force, which modifies the definition of the classification of corporate credit by segment. Due to the change in definition of each segment, various companies have been reclassified between the medium and SME segments. Likewise, a part of corporate credit could have been reclassified as consumption credit. Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Apr-25 Dec-25 Feb-26 Mar-26 Apr-26 A At constant exchange rate (Dec 2025) Credit 26,0 20,8 19,8 21,3 21,7 20,9 21,0 21,9 22,1 22,0 22,0 Liquidity 30,2 26,6 26,9 27,2 26,8 25,5 26,4 25,4 25,6 25,3 25,6 Deposits 36,2 31,7 32,9 32,9 32,3 31,0 32,3 31,2 31,5 31,0 31,4 A At current exchange rate Credit 25,8 22,0 22,6 23,5 23,4 22,9 22,6 21,9 22,1 22,6 22,8 Liquidity 29,9 28,1 30,3 29,8 28,8 27,7 28,1 25,4 25,6 26,0 26,5 Deposits 35,8 33,3 36,7 35,8 34,5 33,5 34,2 31,2 31,5 31,8 32,5 DOLLARIZATION OF DEPOSITS AND LIQUIDITY Percentages 36,2 31,7 32,9 32,9 32,3 31,0 32,3 31,2 31,5 31,0 31,4 30,2 26,6 26,9 27,2 26,8 25,5 26,4 25,4 25,6 25,3 25,6 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Apr25 Dec25 Feb26 Mar26 Apr26 Deposits Liquidity

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19. For banking companies, the ratio of external liabilities to total credit to the private sector registered a level of 12.1 percent in April 2026. It is observed that this coefficient has remained around 12 percent during the year 2025. This reflects a lower leverage of the banking sector with the outside world and a higher proportion of more stable funding, such as deposits. Likewise, this definition includes both external liabilities in foreign currency and those issued in local currency by financial entities abroad. External liabilities in soles amount to S/ 7,030 million; while external liabilities in dollars amount to USD 11,381 million.
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V. FINANCIAL SAVINGS
20. The balance of financial savings3 increased by 2.0 percent in the month, registering a year-over-year growth of 13.7 percent. This monthly evolution is explained mainly by an increase in the equity of private pension funds (4.9 percent) and in the equity of mutual funds (2.0 percent).
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3 Starting from the Study Note of January 2025, the concept of financial savings is reported, which is a measure of savings in medium and long-term assets, so sight deposits and immediate obligations are excluded from the concept of savings of the financial system, presented until December 2024. BANKING COMPANIES: EXTERNAL LIABILITIES / CREDIT TO THE PRIVATE SECTOR Percentages 11,7 13,0 13,8 18,4 16,5 25,5 22,3 15,6 15,2 11,3 7,3 6,7 7,0 8,7 6,7 22,4 20,4 18,1 24,0 24,7 31,4 26,4 25,4 22,3 18,4 17,5 17,1 15,9 11,9 10,9 11,4 12,9 12,2 12,7 11,4 11,7 12,0 12,5 12,2 11,5 12,1 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 COMPONENTS OF FINANCIAL SAVINGS Growth rates (%) Apr-26 Feb-26/ Feb-25 Mar-26/ Mar-25 Apr-26/ Apr-25 Apr-26/ Mar-26 Deposits 311 242 11,4 12,4 13,9 1,3 AFPs 115 793 9,6 3,7 8,0 4,9 Mutual funds 58 637 27,4 25,2 25,8 2,0 Other 1/ 38 374 18,0 14,8 13,6 -0,4 TOTAL 524 047 13,0 11,9 13,7 2,0 1/ Includes insurance technical reserves, securities and other obligations with the private sector. Millions of S/

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21. In April, the participation of external investments within the investment portfolio of AFPs increased, standing at a level of 49.5 percent; while the participation of domestic investments decreased to 50.5 percent.
The participation of deposits in local financial entities within this item increased to 5.5 percent, while the contribution of equity and the participation of fixed income investments decreased to 21.5 percent and 25.0 percent respectively. On the other hand, the total dollarization coefficient of the investment portfolio increased to 65.6 percent in April. BCRPData/NELYC202604C11 You can find all the tables and graphs of this report at BCRPData/NELYC202604 Monetary and Credit Aggregates Department Monetary Policy Design Sub-gerencia Monetary Policy Management Central Management of Economic Studies May 28, 2026 AFP INVESTMENT PORTFOLIO Dec-22 Dec-23 Dec-24 Apr-25 Dec-25 Mar-26 Apr-26 Domestic investments 63,1 60,2 53,7 51,9 52,0 51,6 50,5 Deposits in the system 4,8 3,4 5,0 5,6 5,9 4,6 5,5 Soles 4,3 3,3 4,6 4,9 5,6 4,6 4,6 Dollars 0,5 0,1 0,4 0,6 0,4 0,0 0,9 Fixed income securities 32,1 34,6 27,3 26,6 30,3 28,0 25,0 Sovereign bonds 19,2 24,4 18,5 18,1 22,3 19,8 17,2 BCRP securities - - 0,5 0,4 - - - Other fixed income securities 12,9 10,1 8,3 8,1 8,1 8,2 7,9 Equity securities 26,3 23,1 22,4 21,1 21,8 23,5 21,5 Investment funds 6,5 5,3 4,8 4,7 4,7 5,3 4,8 Shares 19,8 17,8 17,6 16,4 17,1 18,1 16,7 Pending operations -0,1 -0,9 -1,0 -1,4 -6,0 -4,4 -1,6 Investments abroad 36,9 39,8 46,3 48,1 48,0 48,4 49,5 TOTAL 100,0 (Millions of Soles) 105 863 122 806 106 976 108 310 115 071 111 767 117 134 (Dollarization) 54,7 54,1 60,9 64,0 63,8 64,9 65,6 Percentages