Local Financial System Prepared For Global Woes – SBS

Peru’s financial system is prepared to resist turbulence from the international economy, according to the country’s Banking, Insurance and Pension fund Superintendency, SBS, state news agency Andina said.

The Deputy Superintendent of Banks and Micro-Finances, Diego Cisneros, pointed out that Peru’s banks fared well during the 2008 global financial crisis, and that today they have more capital.

“The capital is in place, and now we have enough to resist negative cycles,” said Cisneros.”The Peruvian financial system is prepared to resist international turbulences as it is strongly capitalized.”

Cisneros said that the SBS, the Central Reserve Bank, and the Ministry of Economy and Finance have a contingency plan in place in the event the situation in Europe deteriorates.

He added that he expects European policy makers will be able to resolve their sovereign debt challenges and that concerns of financial turbulence will ease.

Peru’s economy has continued to see solid growth thanks largely to strong domestic demand, while international concerns have begun to weigh on export growth.

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