PERU BEGINS FOREIGN EXCHANGE RATIONING

  Peru will put into effect today a foreign
  exchange rationing system for imports designed to stop a slide
  in the country's international reserves, a government decree in
  the Official Gazette said.
      Under the system, importers will be required to present a
  bill from the foreign seller of goods and apply for a license
  for foreign exchange. The central bank will have 10 days to
  decide whether to issue the required foreign exchange.
      Net international reserves now total about 800 mln dlrs
  compared to 1.54 billion dlrs a year ago.
      The system will be effective until the end of 1988.
      A ceiling for foreign exchange availability will be set by
  a council with members from the central bank, the economy
  ministry and the planning and foreign trade institutes. The
  central bank will issue licenses to procure foreign exchange in
  accordance with guidelines set by the council.
      Peru's reserves fell sharply due to a drop in the trade
  surplus to about five mln dlrs in 1986 from 1.1 billion in
  1985, according to preliminary central bank estimates.
     Total exports dropped to 2.50 billion dlrs last year against
  2.97 billion in 1985.
  

