Peru's Ministry of Production said that fishing would be allowed from late November to the end of January to a maximum 810,000 tonnes of anchovy.
Government news agency Andina said it was a 68 per cent drop on the same period last year.
Peru's Ocean Institute, a government agency that regulates the fisheries, said that the biomass of anchovy has dropped to 5.3 million tonnes, while the sustainable level is considered to be six million tonnes.
Peru is the world's largest producer of fish meal, made mainly from anchovy. Much of the fish meal is exported for use as a fertiliser and for other uses, website weeklytimesnow.com reported.