The Central Reserve Bank of Peru (; BCRP) is the Peruvian central bank. It mints and issues metal and paper money, the sol. Its branch in Arequipa was established in 1871, and it served the city by issuing money as well as maintaining a good reputation for savings accounts in Southern Peru. It is the equivalent of the Federal Reserve of the United States or the European Central Bank in Europe. The Constitution states that the purpose of the Central Reserve Bank is to preserve monetary stability. The Central Reserve Bank's target annual inflation is 2.0 percent, with a tolerance of one percentage point upward and downward; its policies are aimed at achieving that goal. The Constitution also assigns the following functions to the Central Reserve Bank: regulating currency and credit of the financial system, administering the international reserves in its care, issuing banknotes and coins, reporting regularly to the country on national finances, and managing the profitability of funds. Presidents Eulogio Romero Salcedo, 1922-1925 Agustín de la Torre González, 1926-1927 Eulogio Romero Salcedo, 1928-1929 Enrique Ferreyros, 1930-1931 Manuel Augusto Olaechea, 1931-1934 Manuel Prado Ugarteche, 1934-1939 Fernando Gazzani, 1939-1945 Francisco Tudela y Varela, 1945-1948 Pedro Beltrán Espantoso, 1948-1950 Clemente de Althaus Dartnell, 1950-1952 Daniel Olaechea, 1952 Andrés F. Dasso, 1952-1958 Enrique Bellido, 1959-1964 Alfredo C. Ferreyros, 1964-1966 Fernando Schwalb, 1966-1968 José Morales Urresti, 1968 Carlos Vidal, 1968 Alfredo Rodríguez Martínez, 1968-1969 Emilio G. Barreto, 1969-1975 Carlos Santisteban de Noriega, 1975-1977 Germán de la Melena Guzmán, 1977-1978 Manuel Moreyra Loredo, 1978-1980 Richard Webb Duarte, 1980-1985 Leonel Figueroa Ramírez, 1985-1987 Pedro Coronado Labó, 1987-1990 Jorge Chávez Álvarez, 1990-1992 Germán Suárez Chávez, 1992-2001 Richard Webb Duarte, 2001-2003 Javier Silva Ruete, 2003-2004 Óscar Dancourt Masías, 2004-2006 Julio Velarde Flores, 2006- Source: See also Economy of Peru List of Jesuit sites Peruvian inti Peruvian sol References External links Banks of Peru Peru Economy of Peru 1922 establishments in Peru Banks established in 1922