Julio Velarde, president of the Central Reserve Bank of Peru (BCRP), earned the top grade, A+, in the Central Banker Report Cards 2026 of the US magazine Global Finance. He shares the grade with the governor of Denmark's central bank, Christian Kettel Thomsen, according to Gestión and RPP. It is the second time Velarde has received the highest grade: the first was in 2021, according to RPP.
The recognition was announced during the annual meetings of the International Monetary Fund and the World Bank, held this year in Bangkok, Thailand. This article explains what the ranking measures, which other Latin American central bankers stood out and where inflation and interest rates stand in Peru.
What Global Finance's central banker ranking assesses
Global Finance has published the grades every year since 1994. It assesses the central bank governors of nearly 100 countries, territories and districts, as well as the European Central Bank, the Eastern Caribbean Central Bank and the central banks of the Central and West African States, according to the magazine's press release.
| Aspect | Detail |
|---|---|
| Scale | From A+ (excellent) to F (failure) |
| Criteria | Inflation control, economic growth goals, currency stability, interest rate management and political independence |
| Coverage | Nearly 100 countries, territories and districts, plus 4 regional central banks |
| Publication | Annual since 1994; full list in the October issue |
| A+ grades in 2026 | Julio Velarde (Peru) and Christian Kettel Thomsen (Denmark) |
Sources: Global Finance and Gestión. "Global Finance's A Grade Central Bank Governors are leaders who have demonstrated the discipline, independence, and sound judgment needed to deliver stability," said Joseph Giarraputo, founder and editorial director of Global Finance.
Latin American central banker grades in 2026
Global Finance has not published the full list of grades on its open website. Based on the information available, these are the governors in the region that each country's press reported among the best graded in 2026:
| Country | Governor | 2026 grade | Source |
|---|---|---|---|
| Peru | Julio Velarde | A+ | Gestión and RPP |
| Dominican Republic | Héctor Valdez Albizu | A− | Hoy (Santo Domingo) |
| Paraguay | Carlos Carvallo | A group (exact grade not reported) | La Nación (Asunción) |
| Chile | Rosanna Costa | Recognized (grade not reported) | Hoy (Santo Domingo) |
| Costa Rica | Róger Madrigal | Recognized (grade not reported) | Hoy (Santo Domingo) |
| Guatemala | Álvaro González | Recognized (grade not reported) | Hoy (Santo Domingo) |
| Argentina | Santiago Bausili | Recognized (grade not reported) | Hoy (Santo Domingo) |
Sources: Gestión, Hoy and La Nación of Paraguay. The Dominican newspaper Hoy names those governors as recognized but does not give each one's grade, and Global Finance has only published the general press release openly. That is why the table does not assign grades that could not be confirmed. This list will be updated when the magazine publishes the full grades for the region.
Who Julio Velarde is and how long he has led the BCRP
- In office since 2006: he took over as head of the BCRP during Alan García's second government (Gestión).
- Ratified by five governments: Alan García (2006), Ollanta Humala (2011), Pedro Pablo Kuczynski (2016), Pedro Castillo (2021) and Keiko Fujimori (2026), the latter through Supreme Resolution No. 258-2026-PCM.
- Other awards: The Banker, part of the Financial Times group, named him global Central Banker of the Year in 2015 and Central Banker of the Year for the Americas in 2020 (RPP).
- Message: he defends central bank autonomy and calls for a public administration that is "less clientelist and more meritocratic".
The state of Peru's economy under Velarde
Days before the grade was announced, Velarde took part in a conversation in New York with Luis Oganes, head of global macroeconomic research at J.P. Morgan. He highlighted the central bank's autonomy, monetary stability and international reserves. "We are living a very good moment for the Peruvian economy, a moment that should not be wasted," he said, while calling for attention to domestic and external risks, according to Infobae.
| Indicator | Figure | Period |
|---|---|---|
| GDP growth | 3.1% | January-August 2026 |
| Estimated growth without El Niño | 4% | January-August 2026 |
| Domestic demand | +5.9% | First half of 2026 |
| Private investment | +15.5% | First half of 2026 |
| International reserves | About 26% of GDP | September 2026 |
Source: Economy and Finance Minister Elmer Cuba and the BCRP, cited by Infobae. Velarde also stressed that Peru has had one of the lowest inflation rates in the region so far this century and cited, among the conditions for investment, equal treatment of domestic and foreign capital and the country's network of trade agreements.
Inflation and interest rates in Peru: the backdrop to Velarde's grade
The grade comes in a year of price pressure. Inflation in Metropolitan Lima reached 4.55% over twelve months in September, above the BCRP's 1% to 3% target range, according to INEI data cited by Infobae. El Niño is pushing up food and service prices, and Velarde warned that "now, El Niño is worrying", according to Gestión.
| Country | Monetary policy rate (Oct 27, 2026) |
|---|---|
| Peru | 4.25% |
| Chile | 4.50% |
| Mexico | 6.50% |
| Brazil | 13.75% |
Source: Bank for International Settlements (BIS), central bank policy rates series, retrieved on October 30, 2026. According to the BCRP, cited by Infobae, Peru's international reserves were equal to about 26% of GDP in September, the highest ratio in Latin America. The full rate comparison is in our ranking of interest rates in Latin America, and inflation by country in our regional inflation ranking.
The El Niño outlook is summed up in our article on the coastal El Niño and the regions at risk, and the president's salary in how much Peru's president earns.
Frequently asked questions
What grade did Julio Velarde receive in 2026?
A+, the top grade in Global Finance's Central Banker Report Cards 2026. He shares it with the governor of Denmark's central bank.
Is this the first time Velarde has received an A+?
No. It is the second; the first was in 2021, according to RPP.
What does Global Finance assess?
Inflation control, growth goals, currency stability, interest rate management and political independence, on a scale from A+ to F.
Since when has Velarde led the BCRP?
Since 2006. He was most recently ratified in 2026 by Keiko Fujimori's government.
What is the BCRP's policy rate?
4.25% as of October 27, 2026, according to the Bank for International Settlements.
