Peru’s Congress overwhelmingly approved a bill late Thursday allowing workers to tap their retirement accounts, which authorities estimate could lead to $7 billion in withdrawals.

The bill was approved with the vote of 95 lawmakers out of 106 in attendance, despite government opposition. The government could veto the bill, but that is likely only to delay its implementation as congress can easily override it.

Lawmakers have repeatedly targeted Peru’s vilified private pension system since the pandemic, saying the system has failed to give citizens good pensions despite charging hefty fees. This bill represents the seventh withdrawal approved since 2020, which has already led to workers pulling $24 billion from individual retirement accounts, according to banking regulator SBS.

The withdrawals have impacted Peruvian markets, as the pension funds are among the largest buyers of sovereign bonds and local stocks. They are now expected to sell significant amounts in order to make cash available for withdrawals. Some of that market impact may have already been priced in, however. The Lima Stock Exchange has tumbled since the bill passed an initial committee vote on March 25.

Still, pension funds, known as AFPs, may not need to sell as many assets as some fear in this particular case. “Although the headline figure on this bill is $7 billion, general AFP asset liquidation seems closer to $3 billion,” said Gilberto Hernandez-Gomez, a strategist at BBVA in New York.

He said that was explained by two factors: that not everybody will pull from their pension accounts, and that the AFPs already have some $2 billion in cash or cash equivalents.

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