Study Note No. 53: Management of International Reserves - June 2026

BCRP STUDY NOTES No. 53 – July 31, 2026 Central Reserve Bank of Peru MANAGEMENT OF INTERNATIONAL RESERVES: JUNE 2026

1. International Investment Situation As of the end of June 2026, the investment portfolio maintained the following composition: 78 percent invested in securities, 17 percent in deposits, and 5 percent in gold. Regarding its composition by instrument type, a conservative risk profile was maintained, with a predominance of investments in the highest quality securities. In the maturity structure of the investment portfolio, compared to the previous month, a decrease was observed in investments less than 3 months and an increase in those greater than 1 year. Likewise, an increase was observed in investments with AAA credit ratings and a reduction in those with credit ratings between AA-/AA/AA+. The total portfolio duration at the end of June was 1.98, 0.07 higher than that obtained at the end of the previous month. The balance of the Exchange Position as of 06.30.2026 amounted to USD 68,251 million. This aggregate does not include assets financed with obligations to the public sector and local financial entities. The effective exposure to the U.S. dollar in the Exchange Position was 82 percent at the end of June, while that of other currencies stood at 11 percent.
2. External Environment In the U.S., the Fed at its June 17 meeting agreed to keep the benchmark interest rate unchanged in the range of 3.50 - 3.75 percent. Annualized GDP growth in the first quarter of 2026 was 2.1 percent (third estimate). In May, the unemployment rate remained unchanged at 4.3 percent, and the core Consumer Price Index (CPI) registered an annual increase of 2.9 percent. In the Eurozone, the European Central Bank at its June 11 meeting decided to increase the interest rates on the deposit facility, the main refinancing operations, and the marginal lending facility by 25 basis points to 2.25 percent, 2.40 percent, and 2.65 percent, respectively. In the first quarter of 2026, GDP growth was -0.2 percent compared to the previous quarter and 0.3 percent compared to the first quarter of the previous year. In May, annual inflation was 3.2 percent, and annual core inflation was 2.6 percent. In the United Kingdom, the Bank of England at its June 18 meeting decided to keep its benchmark rate at 3.75 percent. In June, the GfK consumer confidence index remained unchanged at -23. Likewise, in May, annual inflation rose to 2.8 percent, and annual core inflation to 2.6 percent. As of the end of June, 1-month and 3-month SOFR rates stood at 3.65 and 3.73 percent, respectively. During the month, against the U.S. dollar, the euro, the pound sterling, and the yen depreciated by 2.03 percent, 1.44 percent, and 2.02 percent, respectively. In June, Japan's Nikkei index increased by 5.63 percent, while Germany's DAX decreased by 0.43 percent. In the United States, the S&P 500 index decreased by 1.06 percent, contrary to the Dow Jones' increase of 2.52 percent. Additionally, the price of gold decreased by -11.72 percent, ending at USD 4,008.02 per troy ounce, and the price of West Texas oil decreased by -20.44 percent, closing at a quote of USD 69.5. Category 06.30.2026 Foreign Currency Deposits 17 Securities 78 Gold 5 Portfolio Structure (%) Maturity Term (%) 06.30.2026 0-3 months 22 3-12 months 10

1 year 68 Long-Term Rating (%) 06.30.2026 AAA 8 AA+/AA/AA- 82 A+/A/A- 10 Currencies (%) 06.30.2026 USD 82 Other Currencies 11 Gold 7

BCRP STUDY NOTES No. 53 – July 31, 2026 Central Reserve Bank of Peru GLOSSARY OF TERMS Exchange Position. - It is the difference between the BCRP's foreign currency assets and liabilities, both international and with residents. The Exchange Position consists of the Bank's assets that do not have corresponding obligations to third parties and, therefore, is the part that can be diversified into gold and different foreign currencies. Investment Portfolio. - It is the set of international assets that is managed internally. Prepared by: Investment Policy Department Sub-Management of International Investment Analysis International Operations Management