More matter with less art

Chart of the day is…

…the Peru International Currency Reserve position, 2011 and 2012 to date:

Your humble scribe was quizzed on this yesterday evening after yesterday’s rambling muse about CenBank intervention to dampen down the Peru Nuevo Sol (PEN) currency appreciation, so here above is the dataset. What we see is that since Jan 2011 Peru has added about $6Bn to its reserves count, which isn’t bad going at all but at $500m average per month, Peru’s going to start feeling the pinch if it has to defend the currency rate it wants by throwing a billion a month at the forex guys (do the math, it ain’t tough).

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