17:14 | Lima, Jul. 12 (ANDINA).
Peru has significant fiscal and monetary tools to mitigate the impact of a possible external crisis as it has taken all existing macro-prudential measures, Liliana Rojas-Suarez, president of the International Banking, Economics and Finance Association (IBEFA), said on Thursday.
Rojas-Suarez said Peru is the Latin American country that has implemented more macro-prudential policies in recent years and now is able to withstand the initial impact of a possible external crisis and to implement countercyclical policies.
"Countercyclical capital requirements, dynamic provisioning, reserve requirements on bank deposits and long-term external liabilities, which at present are blessed by the International Monetary Fund (IMF) have been fully implemented by the country," the head of IBEFA stated.
In this regard, she added there is no internationally recommended measure that Peru has not implemented so the country is the leader in this respect.
Rojas-Suarez said Peru has chosen a sustainable growth model in financial and trade liberalization, which requires that the monetary and fiscal policies are appropriate, and that has been doing well.
"Peru's accomplishments are amazing and if a new external shock originated in Europe occurs, the country has the tools necessary to minimize impacts," she added.
(END) JJN/JPC/RZZ/EEP
Published: 7/12/2012