PERU · CENTRAL BANK
Key Facts
- —What is happening Peru’s Senate elected economists Oswaldo Molina, José Ricardo Stok and Juan José Marthans as the three legislative directors of the central bank on Wednesday, 21 October, for 2026 to 2031.
- —Why it matters The vote completes the seven-member board of the Banco Central de Reserva del Perú (BCRP), which sets interest rates and manages foreign reserves that investors in Peruvian bonds and sol assets watch closely.
- —The numbers Molina won 40 votes for and 16 against, Stok 34 for and 18 against with six abstentions, and Marthans 36 for and 21 against with one abstention; each needed more than half of the Senate’s legal membership.
- —Who is who The executive names four of seven directors, including president Julio Velarde, and the Senate elects three. Fuerza Popular, the party of President Keiko Fujimori, nominated Molina and Stok, and Renovación Popular nominated Marthans.
- —What to watch The Senate’s legislative resolution that formalises the election, the date the three directors take office, and whether the board’s votes on interest rates show any change in tone.
- —Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 54.7 points (October 2026 edition).
- —What it means for you For US investors in Peruvian bonds or NYSE-listed firms such as Credicorp, Southern Copper and Buenaventura, the vote settles who sits on the board that sets Peru’s rates through 2031.
Peru’s Senate has completed the central bank board, electing Molina, Stok and Marthans for 2026 to 2031. Two nominees of the Fuerza Popular party of President Keiko Fujimori and one of Renovación Popular won seats.
Peru’s Senate elected three economists to the Peru central bank board on Wednesday, 21 October. The seven-member board is now complete for the 2026 to 2031 presidential term.
Oswaldo Molina, José Ricardo Stok and Juan José Marthans join the Banco Central de Reserva del Perú (BCRP) board. The BCRP sets Peru’s interest rate and guards its foreign reserves, so its board matters to US bondholders.
How the Senate Voted on the Peru Central Bank Board
The Senate voted candidate by candidate, and each needed more than half of its legal membership, which is 31 of 60 seats. The Congress news service and the Lima daily El Comercio published the official counts.
Molina won 40 votes for and 16 against, with no abstentions. Stok won 34 votes for, 18 against and six abstentions.
Marthans won 36 votes for, 21 against and one abstention. Senate president Miguel Ángel Torres said a legislative resolution would formalise the election of all three.
Some outlets give Stok a slightly lower count. Diario Correo, Infobae and La República reported 33 votes for him, not the 34 in the Congress note.
Two candidates ranked above Marthans failed to win a seat, Infobae reported. José Antonio Fernández Baca received 22 votes and Santiago Roca 24, both short of the threshold.
Who the Three New Directors Are
Oswaldo Molina is an associate professor at the Universidad del Pacífico, the daily Gestión reported in September. Fuerza Popular, President Keiko Fujimori’s conservative party, nominated him.
José Ricardo Stok is an emeritus professor at PAD, the business school of the Universidad de Piura, Gestión reported. Fuerza Popular also nominated him.
Juan José Marthans directs economics at PAD and once headed the banking regulator SBS, RPP reported. Renovación Popular, a conservative party, nominated him.
How the Candidates Were Ranked Before the Vote
A Senate committee scored ten candidates out of 100 points on academic record, experience and a personal interview. It approved its final report on Wednesday, 7 October, by seven votes to two, with two abstentions.
Molina led with 94.18 points and Stok followed with 91.55, the Congress news service reported. Marthans ranked fifth with 86.60 points, behind Fernández Baca with 90.18 and Roca with 86.91.
The plenary can depart from the ranking, and it did. La República noted that the committee score did not decide who won a seat.
Senator Humberto Morales of the left-wing Juntos por el Perú moved to remove Stok from the list. The committee rejected the motion by seven votes to three, with two abstentions.
How the BCRP Board Is Chosen
Under Article 86 of the Constitution, the executive appoints four of the seven directors, including the bank’s president. The Senate elects the other three, and all serve for the president’s term.
The government re-appointed Julio Velarde, who has led the BCRP since 2006, for a fifth term. Luis Miguel Palomino, Inés Choy and Gustavo Yamada were named by the executive, according to RPP.
With the Senate’s three picks, the board is complete. The Constitution says directors represent no party or private interest, which is why the nominating blocs drew attention.
What It Means for US Readers
The BCRP decides the interest rate on the sol and holds the reserves that back it. US investors in Peruvian government bonds, and in NYSE-listed Credicorp, Southern Copper and Buenaventura, follow its board closely.
The three picks are economists with academic or regulatory records, and they join Velarde’s board. Fuerza Popular won two of the three seats, so markets will watch whether the board keeps its record of independence.
The BCRP has also asked Congress to approve a 50% rise in Peru’s quota at the International Monetary Fund, Infobae reported. The increase is 667.3 million special drawing rights, about US$903 million, and Congress must authorise it.
Background is in reports on the committee ranking, the central bank rate decision and the IMF quota request. The guide to who runs Peru’s economy and the Peru news hub give wider context.
What Is Not Known
The Senate’s formal resolution has not yet been published, and the date the three directors take office is not confirmed. The sources do not say whether they will be sworn in this week.
Outlets disagree on Stok’s count, 33 or 34 votes for, and one outlet’s account of Molina’s result contains an error. This article uses the Congress note, which El Comercio matches.
The vote counts for Fernández Baca and Roca come from a single outlet, Infobae, and the Congress note does not list them. It is also unknown how the new directors will vote on interest rates.
What Comes Next
The Senate must issue its legislative resolution to formalise the election, and Torres said it would follow. The new directors then join Velarde’s board for the term that ends in 2031.
Their first test will be the board’s next monetary policy meeting, whose date this article does not confirm. The vote is an appointment, not a change in the BCRP’s policy.
Frequently Asked Questions
Who did Peru’s Senate elect to the central bank board?
The Senate elected Oswaldo Molina, José Ricardo Stok and Juan José Marthans on Wednesday, 21 October. They serve from 2026 to 2031.
How many directors does the BCRP have?
The BCRP board has seven directors. The executive names four, including the president, and the Senate elects three.
Who leads the Peruvian central bank?
Julio Velarde, who has led the BCRP since 2006, was re-appointed for a fifth term. He continues as BCRP president and leads the new board.
What vote did each candidate need?
Each needed more than half of the Senate’s legal membership, which is 31 of 60 seats. Molina won 40 votes, Stok 34 and Marthans 36, according to Congress.
Which parties nominated the new directors?
Fuerza Popular, President Keiko Fujimori’s party, nominated Molina and Stok. Renovación Popular nominated Marthans.
Why does this matter to US investors?
The board sets Peru’s interest rate and manages its reserves. That affects Peruvian bonds and US-listed firms with Peru exposure.
Sources: Congress of Peru news service, 21 October; Congress of Peru news service, 7 October; El Comercio, 21 October; La República, 21 October; Infobae, 21 October; RPP, 21 October; Diario Correo, 21 October; Gestión, 16 September; Caretas, 7 October (all accessed 22 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief