PERU - Banks and pension funds' foreign currency purchases will be capped at 75% of assets under regulations issued by Peru's banking superintendent.
Foreign currency sales by these institutions will be limited to 15% of assets, from 10% previously, the superintendent said in a resolution published in the state gazette, El Peruano, on February 13. Companies have 90 days to ensure their positions don't exceed the new limits, according to the resolution.
Peruvian policy makers are seeking to curb the dollar's volatility with measures including lifting the limit on private pension funds' investments abroad, imposing a 35% reserve requirement for overseas credit, and taxing foreign investors' profits from short-term currency futures.
There was previously no limit on banks and pension funds currency purchases.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.