Cenbank still waiting for AFP foreign investment details

The Peruvian central bank is still waiting for pension fund managers AFPs to turn in detailed information regarding their foreign investments in order to analyze raising the foreign investment limit, local press reported central bank head Kurt Burneo as saying. "In order to perform the study we need reports, but the AFPs have not provide information about returns on their foreign investments, nor the composition of their portfolios, nor the policies they apply regarding foreign investments," Burneo said. The bank head reiterated that they are conducting a technical study, and a possible increase of the foreign investment limit will not improve returns on worker's pension contributions. AFP representatives have been recently putting pressure on the government to raise the limit on the amounts pension funds can invest abroad from 10.5% to 20% of their portfolios. The information requested by the central bank seeks to verify the diversity of AFP investment and the amount of pension fund financing in local companies and development projects.