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2,900 | <s>[INST] Banco Bilbao Vizcaya's "El Libreton", a savings account that takes [/INST] part in a monthly lottery draw, has proved hugely popular with its customers in Mexico, Venezuela, Colombia and Argentina. </s> |
2,901 | <s>[INST] Miguel Navas, BBV's director in Mexico, says his bank signed up 800,000 [/INST] new clients in 1997; it also set up 25 offices throughout Mexico to attract the custom of small and medium-sized businesses. </s> |
2,902 | <s>[INST] Banco Santander , BBV's rival in Spain, was the [/INST] most active investor in Latin America in 1997, buying, at one stage, a bank every seven weeks. </s> |
2,903 | <s>[INST] Santander bought the largest private sector [/INST] bank in Argentina, Rio de la Plata, for $700m. </s> |
2,904 | <s>[INST] It also owns smaller banks [/INST] in Mexico, Chile, Peru, Colombia and Venezuela. </s> |
2,905 | <s>[INST] Both Santander and BBV now have [/INST] more banking employees in Latin America than they do in Spain. </s> |
2,906 | <s>[INST] Analysts reckon that BBV will soon be [/INST] obtaining 30 per cent of its net interest income from Latin America. </s> |
2,907 | <s>[INST] HSBC Holdings is the [/INST] other big foreign player in Latin America. </s> |
2,908 | <s>[INST] Its $2bn spending spree in 1996 and 1997 netted Banco Bamerindus [/INST] in Brazil, the Roberts financial group in Argentina, as well as smaller stakes in Chilean, Peruvian and Mexican banks. </s> |
2,909 | <s>[INST] Foreign banks say they are attracted by [/INST] Latin America's underdeveloped banking market in an environment of steady economic growth. </s> |
2,910 | <s>[INST] In Brazil, the volume of loans is equivalent [/INST] to 30 per cent of GDP, compared with 180 per cent in the US. </s> |
2,911 | <s>[INST] Deposits in Venezuela are equal [/INST] to less than 10 per cent of GDP. </s> |
2,912 | <s>[INST] On average, only one in two persons has a [/INST] bank account in Brazil, compared with an average of three accounts per person in Japan. </s> |
2,913 | <s>[INST] Some estimates put the number of [/INST] potential new Brazilian customers for the banking market at 30m. </s> |
2,914 | <s>[INST] The financial crisis in Asia has clouded [/INST] the outlook for Latin America's banking industry, particularly in Mexico and Brazil. </s> |
2,915 | <s>[INST] Brazil, the country most affected by the Asian [/INST] fallout, has been forced to raise interest rates to defend its currency, the Real. </s> |
2,916 | <s>[INST] This, in turn, is expected to subdue demand for [/INST] new credit, increase loan defaults and slow economic growth to below 1 per cent in 1998. </s> |
2,917 | <s>[INST] The brake on economic growth [/INST] came at a difficult transition period for Brazilian banks. </s> |
2,918 | <s>[INST] "Before the Real plan Brazilian banks [/INST] were money traders," says Jose Garcia-Cantera, of Salomon Smith Barney. </s> |
2,919 | <s>[INST] "Banks did not focus on asset [/INST] quality because hyperinflation quickly eroded the value of bad loans". </s> |
2,920 | <s>[INST] With inflation tamed, banks have had to relearn [/INST] the traditional business of intermediation and put better credit control systems in place. </s> |
2,921 | <s>[INST] Despite a more difficult operating environment, Mr Garcia-Cantera estimates bad [/INST] loans will not exceed 4 per cent of the total loans in the Brazilian banking system in 1998. </s> |
2,922 | <s>[INST] In Mexico, by contrast, bad loans stand at a worrying [/INST] 13.2 per cent of the total, a level which has impeded most banks from resuming lending activities. </s> |
2,923 | <s>[INST] Credit contracted by more than 50 per cent during 1995 [/INST] and 1996, while there was no new lending in 1997, although the economy grew by 7 per cent. </s> |
2,924 | <s>[INST] Most analysts believe it will take another five years of economic growth, [/INST] foreign investment and the merger of weak banks with stronger ones, before the Mexican banking system is awarded a clean bill of health. </s> |
2,925 | <s>[INST] Venezuela, like Mexico, is also nursing its banking system back to [/INST] health after the 1994-95 crisis which is estimated to have cost $12bn, or 22 per cent of 1994 GDP. </s> |
2,926 | <s>[INST] Like Mexico, foreign banks are expected to play a leading [/INST] role in the recovery, as they already control 38 per cent of the banking system's total assets. </s> |
2,927 | <s>[INST] The potential for expansion is also great, because [/INST] the financial system is considered far too small relative to the size of Venezuela's economy. </s> |
2,928 | <s>[INST] Venezuela's total banking assets are equal to the assets of a [/INST] single bank in Chile - Banco de Santiago - even though the economies of Chile and Venezuela are of similar size. </s> |
2,929 | <s>[INST] Another similarity with Mexico is that [/INST] banking regulation, which was lax before the crisis, is being improved. </s> |
2,930 | <s>[INST] Argentina's financial system should be one [/INST] of the most dynamic in the region this year. </s> |
2,931 | <s>[INST] Mr Garcia-Cantera estimates credit will grow by [/INST] 14 per cent, with consumer loans up between 30 and 35 per cent. </s> |
2,932 | <s>[INST] The electronic payment of salaries through banks, which comes [/INST] into force this year, is regarded as a significant development towards increasing banking penetration in the country. </s> |
2,933 | <s>[INST] Salomon Smith Barney estimates Argentina's banks will [/INST] get 1.5m new clients in the first half of 1998 alone. </s> |
2,934 | <s>[INST] ___ Document 180 of 600 Hazard of capital outflow [/INST] can be controlled Author: Powell, Andrew Publication info: Financial Times [London (UK)] 10 Mar 1998: 22. </s> |
2,935 | <s>[INST] accountid=28034 Abstract: The analysis focused on Asia, but it might also be argued that Argentina suffered [/INST] from the fickle nature of international capital during the tequila period of 1995 when 18 per cent of bank deposits fled the country in little more than three months. </s> |
2,936 | <s>[INST] However, there is no strong lobby against the opening [/INST] of the capital account that has taken place, nor in favour of capital controls in this country. </s> |
2,937 | <s>[INST] Rather, there is an appreciation of the value of such foreign [/INST] capital, wisely invested, in increasing the efficiency of the economy and the wealth of its citizens and in monitoring policy decisions. </s> |
2,938 | <s>[INST] Sir, I read with interest Martin Wolf's comments on capital account [/INST] convertibility and his view that it "is not whether capital flows should be controlled, but how" ("Flows and blows", March 3). </s> |
2,939 | <s>[INST] The analysis focused on Asia, but it might also be argued that Argentina suffered from [/INST] the fickle nature of international capital during the tequila period of 1995 when 18 per cent of bank deposits fled the country in little more than three months. </s> |
2,940 | <s>[INST] However, there is no strong lobby against the opening [/INST] of the capital account that has taken place, nor in favour of capital controls in this country. </s> |
2,941 | <s>[INST] Rather, there is an appreciation of the value of such foreign [/INST] capital, wisely invested, in increasing the efficiency of the economy and the wealth of its citizens and in monitoring policy decisions. </s> |
2,942 | <s>[INST] The lesson learnt, however, was [/INST] that capital that enters may at some point leave. </s> |
2,943 | <s>[INST] Hence the "systemic liquidity risks" associated with the acceptance of such capital [/INST] must be managed - something which most G10 countries are lucky enough not to have to consider in the same way. </s> |
2,944 | <s>[INST] This risk is normally to be found concentrated [/INST] in the banking system and for this reason Argentina has developed a "systemic liquidity policy". </s> |
2,945 | <s>[INST] This policy essentially consists of a liquidity requirement system on banks and a contingent [/INST] international credit facility with 14 international banks which together give Argentina access to international funds for some 30 per cent of the total deposit base. </s> |
2,946 | <s>[INST] If capital decides to leave in bulk then there is [/INST] sufficient liquidity to manage such an outflow without placing the other objectives of the central bank in jeopardy. </s> |
2,947 | <s>[INST] The choice is not a closed [/INST] capital account versus total vulnerability to the fickleness of international capital. </s> |
2,948 | <s>[INST] The optimum may be to accept capital as offered but to [/INST] ensure that the liquidity risks associated with that capital are managed through an effective "liquidity policy" at the systemic level. </s> |
2,949 | <s>[INST] Andrew Powell, chief economist, Central Bank of Argentina [/INST] , Reconquista 266, Capital 1003, Buenos Aires, Argentina Copyright Financial Times Limited 1998. </s> |
2,950 | <s>[INST] ___ Document 244 of 600 Board game winner: Argentina's experience has [/INST] so far proved a success, says Stephen Fidler: Author: Fidler, Stephen Publication info: Financial Times [London (UK)] 12 Feb 1998: 13. </s> |
2,951 | <s>[INST] accountid=28034 Abstract: Argentina is the country [/INST] whose experience with a currency board is most useful to Indonesia. </s> |
2,952 | <s>[INST] The government adopted the regime in 1991 [/INST] recognising that its predecessors had, by repeatedly debauching the currency, lost public credibility. </s> |
2,953 | <s>[INST] Tying the value of the peso to the dollar by [/INST] law and forgoing the right to set monetary policy was a deliberate gesture to break with the past. </s> |
2,954 | <s>[INST] Full text: Argentina is the country [/INST] whose experience with a currency board is most useful to Indonesia. </s> |
2,955 | <s>[INST] The government adopted the regime in 1991 [/INST] recognising that its predecessors had, by repeatedly debauching the currency, lost public credibility. </s> |
2,956 | <s>[INST] Tying the value of the peso to the dollar by [/INST] law and forgoing the right to set monetary policy was a deliberate gesture to break with the past. </s> |
2,957 | <s>[INST] Victor Bulmer-Thomas, an economics professor who heads London University 's [/INST] Institute of Latin American Studies , says a critical aspect of the board's success was its widespread initial popularity. </s> |
2,958 | <s>[INST] The system broke the back of [/INST] incipient hyperinflation (prices had risen 1,350 per cent in 1990). </s> |
2,959 | <s>[INST] Growth then averaged 7{3/4} [/INST] per cent annually from 1991 to 1994. </s> |
2,960 | <s>[INST] But in 1995, the Mexican [/INST] currency crisis provided the new system's sternest test. </s> |
2,961 | <s>[INST] In the wake of the crisis, 18 per cent of [/INST] deposits were withdrawn from Argentina's banking system, and the economy contracted in 1995 by 4.5 per cent. </s> |
2,962 | <s>[INST] In dealing with the banking crisis, [/INST] Argentina benefited from the flexibility of its currency-board design. </s> |
2,963 | <s>[INST] The central bank was able [/INST] to pump some money into the banking system. </s> |
2,964 | <s>[INST] Sebastian Edwards, economics professor at the University of California , [/INST] Los Angeles, says this underlines a point not often appreciated: that even currency boards require expert management. </s> |
2,965 | <s>[INST] Without it, says Mr Bulmer-Thomas, [/INST] the system probably would not have survived. </s> |
2,966 | <s>[INST] This is because inflation does not drop [/INST] to international levels the moment the currency board goes into operation. </s> |
2,967 | <s>[INST] Because of inertia, prices [/INST] still rose 25 per cent in 1992. </s> |
2,968 | <s>[INST] Inertial inflation also means it is essential to enter [/INST] a currency board at the right exchange rate, perhaps 10 to 20 per cent undervalued. </s> |
2,969 | <s>[INST] "Currency boards are an [/INST] option that should be considered by policymakers. </s> |
2,970 | <s>[INST] But they provide no short cut and shouldn't [/INST] be thought of as a trick to allow countries avoid necessary adjustment," says Mr Edwards. </s> |
2,971 | <s>[INST] ___ Document 248 of 600 Argentina says it has beaten Asian [/INST] crisis ECONOMY EXPECTED TO GROW 6% IN 1998: Author: Warn, Ken Publication info: Financial Times [London (UK)] 11 Feb 1998: 04. </s> |
2,972 | <s>[INST] accountid=28034 Abstract: Argentina has already overcome the effects of the [/INST] Asian financial crisis and its economy will grow strongly in 1998, Alieto Guadagni, industry secretary, said yesterday. </s> |
2,973 | <s>[INST] Mr Guadagni said industrial production would grow by [/INST] about 6 per cent this year, and the economy would continue to generate fresh jobs. </s> |
2,974 | <s>[INST] Full text: Argentina has already overcome the effects of the [/INST] Asian financial crisis and its economy will grow strongly in 1998, Alieto Guadagni, industry secretary, said yesterday. </s> |
2,975 | <s>[INST] Mr Guadagni said industrial production would grow by [/INST] about 6 per cent this year, and the economy would continue to generate fresh jobs. </s> |
2,976 | <s>[INST] One of the main grounds for optimism was [/INST] the fall in interest rates from their peaks immediately after the Asian crisis. </s> |
2,977 | <s>[INST] The country risk premium, as measured by the spread between Argentina's par bond [/INST] and US treasuries, had fallen from 821 basis points in the immediate aftermath of the crisis to only 485 basis points now, he said. </s> |
2,978 | <s>[INST] The fall takes the country risk premium to less [/INST] than it was a year ago, although still above its pre-crisis level of 361 basis points. </s> |
2,979 | <s>[INST] Local bank's interest rates for their top Argentine corporate clients [/INST] had fallen to 10 per cent this month from a peak of 15.7 per cent last November. </s> |
2,980 | <s>[INST] The banking system had also shown [/INST] no signs of weakening, Mr Guadagni said, rather the reverse. </s> |
2,981 | <s>[INST] In the first 100 days since the [/INST] crisis began, bank deposits had risen 7.5 per cent, or almost $5bn. </s> |
2,982 | <s>[INST] This contrasted with the first 100 days after the start [/INST] of the Tequila financial crisis in December 1994, when deposits fell 15.6 per cent, or over $7bn. </s> |
2,983 | <s>[INST] Big companies' investment plans were also [/INST] unaffected by the recent international financial turmoil, Mr Guadagni said. </s> |
2,984 | <s>[INST] The cereal harvest forecast for the 1997-98 [/INST] season, expected to reach a record 61m tonnes, was another reason for optimism. </s> |
2,985 | <s>[INST] Mr Guadagni refused to be [/INST] drawn on the prospects for the trade deficit. </s> |
2,986 | <s>[INST] Last week Argentina reported a 1997 trade [/INST] deficit of almost $4.9bn, compared with a surplus of $49m the previous year. </s> |
2,987 | <s>[INST] Some analysts have questioned whether Argentina can keep its 12-month accumulated deficit below $5bn, [/INST] as it pledged to the International Monetary Fund in its letter of intent for a three-year $2.8bn extended fund facility, approved by the IMF board last week. </s> |
2,988 | <s>[INST] Argentina is committed to consult the IMF [/INST] if it breaches the trade deficit target and to take "corrective measures". </s> |
2,989 | <s>[INST] "The deficit will depend on the final [/INST] result of the harvest and the evolution of commodity prices," said Mr Guadagni. </s> |
2,990 | <s>[INST] "But the country has a commercial deficit [/INST] because it is in a very strong process of investment and modernisation". </s> |
2,991 | <s>[INST] ___ Document 276 of 600 City of fakes on Paraguay's wild frontier: Black [/INST] market means big money, but worries about piracy and terrorism are growing: Author: Warn, Ken Publication info: Financial Times [London (UK)] 04 Feb 1998: 03. </s> |
2,992 | <s>[INST] accountid=28034 Abstract: In the cramped, rubbish-strewn shopping arcades of Ciudad [/INST] del Este, on Paraguay's frontier with Brazil and Argentina, every kind of consumer desirable is on sale. </s> |
2,993 | <s>[INST] Nike sports shoes, Levi's jeans, countless brands of Scotch [/INST] and the latest in Japanese consumer electronics are piled high in thousands of tiny stores. </s> |
2,994 | <s>[INST] The city has built a bustling economy exporting contraband, ripping off the [/INST] designs of sportswear and clothing companies, and selling pirated software and cloned electronic goods, both made locally and imported from Asia. </s> |
2,995 | <s>[INST] "Ciudad del Este is the purest [/INST] reflection of corruption in Paraguay," said political analyst Carlos Martini. </s> |
2,996 | <s>[INST] Brazil has recently cut duty-free allowances and increased the departure tax [/INST] for foreign travel, curbing the numbers of Brazilians entering Ciudad del Este in search of, say, a cheap stereo. </s> |
2,997 | <s>[INST] But much of the city's [/INST] trade is not affected by changes in the regulations. </s> |
2,998 | <s>[INST] For those who know where [/INST] to ask, weapons and drugs are readily available. </s> |
2,999 | <s>[INST] Clandestine landing strips are plentiful in [/INST] the triple border area, ensuring no interruption in supplies. </s> |
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