The operationalization of the FIST Act will allow financial institutions to unload their nonperforming assets and as a result, enhance their capability to provide financial services to productive sectors of the economy. Despite the increase in NPLs, the banking system remains well-capitalized. Our external payments position remains strong with sufficient buffers.
The foreign exchange liberalization reforms that we implemented amidst the pandemic highlight our confidence on the resilience of our external payments position. They also showcase our efforts to promote greater ease in the use of FX resources of the banking system, and to further promote an environment conducive to businesses. This opinion is shared by relevant third-party observers.