Net international reserves play an essential role in the financial security of Peru and any country, supporting its ability to meet international obligations and maintain the stability of its currency. These reserves generate confidence among investors, allow flexible monetary policies and become a crucial resource in times of economic crisis. Therefore, this thesis aims to estimate the impact of direct credit to the private sector and the exchange rate on the RIN stock of Peru during the period from January 2011 to December 2022. To achieve these objectives, a quantitative approach with a causal and non[1]experimental research design, using longitudinal data. After identifying the optimal econometric model, which involves 141 monthly observations of the study population and applying the OLS method for time series with three lag periods in both explanatory variables, it was determined th...