The Kemmerer Mission

Seventy-five years have passed since Professor Edwin Kemmerer arrived in Peru in January 1931. Since then, much has changed for the Central Bank. This excerpt, reproduced from Jorge Basadre’s *History of the Republic of Peru*, published by *El Comercio*, recounts the early stages of monetary policy, the issuing bank, and the use of banknotes during the republican era. Next, nearly 100 years later, it recounts the recommendations of the Kemmerer mission, at a time when Peru was undergoing a devaluation crisis. It was from that point onward that the Central Reserve Bank of Peru, as it is known today, emerged, based on the former Reserve Bank.