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CASH AND DUE FROM BANKS (Tables)
12 Months Ended
Dec. 31, 2021
CASH AND DUE FROM BANKS [Abstract]  
Composition of Cash and due from Banks
a)
The composition of the item is presented below:

   
2021
   
2020
 
   
 S/(000)

 
  S/(000)

                 
Cash and clearing (b)
   
4,973,007
     
5,233,643
 
Deposits with Central Reserve Bank of Peru (BCRP) (b)
   
25,359,565
     
26,003,415
 
Deposits with Central Bank of Bolivia and Colombia (b)
   
913,377
     
1,085,785
 
Deposits with foreign banks (c)
   
6,727,014
     
3,350,106
 
Deposits with local banks (c)
   
1,316,292
     
1,027,081
 
Interbank funds
   
2,943
     
32,222
 
Accrued interest
   
1,347
     
1,515
 
Total cash and cash equivalents
   
39,293,545
     
36,733,767
 
Restricted funds
   
27,195
     
19,227
 
Total cash
   
39,320,740
     
36,752,994
 
Cash, Clearing and Deposits with Central Banks and Bank of Republic The composition of these funds is as follows:

   
2021
   
2020
 
   
S/(000)

 
S/(000)

Legal cash requirements
               
Deposits with Central Reserve Bank of Perú (i)
   
19,383,577
     
16,903,941
 
Deposits with Central Bank of Bolivia
   
905,309
     
1,079,878
 
Deposits with Republic Bank of Colombia
   
8,068
     
5,907
 
Cash in vaults of Bank
   
4,275,997
     
4,529,683
 
Total legal cash requirements
   
24,572,951
     
22,519,409
 
                 
Additional funds
               
Overnight deposits with Central Reserve Bank of Perú (ii)
   
4,536,379
     
2,972,744
 
Term deposits with Central Reserve Bank of Perú (iii)
   
1,260,000
     
5,988,900
 
Cash in vaults of Bank and others
   
697,010
     
703,960
 
Other Deposits BCRP
   
179,609
     
137,830
 
Total additional funds
   
6,672,998
     
9,803,434
 
Total
   
31,245,949
     
32,322,843
 

(i)
At December 31, 2021 cash and deposits that generate interest subject to legal cash requirements in local and foreign currency are subject to an implicit rate of 4.77 percent and 33.17 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP (4.00 percent and 34.51 percent, respectively, at December 31, 2020).

In Management’s opinion, the Group has complied with the calculation legal cash requirements established by current regulations.

(ii)
As of December 31, 2021, the Group maintains four “overnight” deposits with the BCRP, of which are two denominated in soles in amount of S/690.0 million and two in US dollar in amount of US$964.7 million, equivalent to S/3,846.4 million. At said date, the deposit in soles and deposits in US dollar accrue interest at annual rates of 1.85 percent and 0.05 percent, respectively, and have maturities at 3 days.


As of December 31, 2020, the Group maintains four “overnight” deposits with the BCRP, which are two denominated in soles in amount of S/559.7 million and two in US dollar in amount of US$666.4 million, equivalent to S/2,413.0 million. At said date, deposits in soles and deposits in US dollar accrue interest at annual rates of 0.15 percent and 0.13, respectively, and have maturities at 4 days.

(iii)
In order to manage liquidity and in view of the BCRP’s offer of profitable rates for short-term deposits. The Group maintains four term deposits, which are denominated in soles, accrue interest at an annual rate of 2.48 percent and 2.49 percent and have maturities between January 3 and 4, 2022. As of December 31, 2020, the group held sixteen time deposits denominated in soles, accruing interest at an annual rate of 0.25 percent and maturing between January 4 and January 7, 2021. The decrease in time deposits at the BCRP is mainly due to lower liquidity surpluses due to a lower level of customer deposits.