Julio Velarde, president of the Central Reserve Bank of Peru (BCR), received the first Premio Legado Perú award, organized by the Universidad Peruana de Ciencias Aplicadas (UPC) and El Comercio, in recognition of his career and impact on the national economy. ^[1] Juan Aurelio Arévalo Miró Quesada, journalistic director of El Comercio, said that Peru's macroeconomic success in recent decades cannot be understood without the Central Bank's role, and that Peru has the lowest inflation in Latin America and the period of lowest inflation in 150 years. ^[2] Julio Velarde was appointed president of the Central Reserve Bank of Peru (BCR) in 2006 and has been ratified for four presidential terms, under Ollanta Humala, Pedro Pablo Kuczynski, Pedro Castillo, and current president Keiko Fujimori. ^[3] Julio Velarde stated that social consensus derived from the hyperinflation crisis allowed for the establishment of a legal framework guaranteeing institutional autonomy. ^[4] Velarde attributed Peru's current monetary stability to the institutional framework established after the hyperinflation crisis of the late 1980s. ^[5] Velarde stated that Peru maintains a 2% inflation target, similar to developed countries, rather than the 3% target used by Chile or Colombia. ^[6]