PERU BEGINS FOREIGN EXCHANGE RATIONING Peru will put into effect Monday 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. Imports last year rose sharply as gross domestic product grew by about 8.5 pct, the highest economic growth level registered in 12 years. Imports were about 2.49 billion dlrs in 1986 against 1.87 billion in 1985, according to preliminary estimates. The cushion of reserves allowed Peru to take a hard-line debt stance last year and suspend most payments due on its 14.3 billion dlr foreign debt.