EF_Bladex
37 %DQFR /DWLQRDPHULFDQR GH &RPHUFLR ([WHULRU 6 $ \ 6XEVLGLDULDV 1RWDV D ORV HVWDGRV ILQDQFLHURV FRQVROLGDGRV &LIUDV H[SUHVDGDV HQ PLOHV GH 86 GyODUHV H[FHSWR FXDQGR VH LQGLTXH OR FRQWUDULR 3ROtWLFDV FRQWDEOHV PiV VLJQLILFDWLYDV FRQWLQXDFLyQ 3URSLHGDGHV GH LQYHUVLyQ FRQWLQXDFLyQ (O YDORU UD]RQDEOH VH EDVD HQ SUHFLRV UHFLHQWHV HQ PHUFDGRV PHQRV DFWLYRV R SUR\HFFLRQHV GH IOXMRV GH HIHFWLYR GHVFRQWDGRV /DV YDOXDFLRQHV VRQ UHDOL]DGDV D OD IHFKD GH UHSRUWH SRU WDVDGRUHV SURIHVLRQDOHV TXH SRVHHQ FDOLILFDFLRQHV SURIHVLRQDOHV UHFRQRFLGDV \ UHOHYDQWHV \ TXH WLHQHQ H[SHULHQFLD UHFLHQWH HQ OD XELFDFLyQ \ FDWHJRUtD GH OD SURSLHGDG GH LQYHUVLyQ TXH VH YDO~D (VWDV YDORUDFLRQHV IRUPDQ OD EDVH GHO YDORU HQ OLEURV HQ ORV HVWDGRV ILQDQFLHURV FRQVROLGDGRV (O YDORU UD]RQDEOH GH ODV SURSLHGDGHV GH LQYHUVLyQ UHIOHMD HQWUH RWUDV FRVDV ORV LQJUHVRV SRU DUUHQGDPLHQWRV RSHUDWLYRV FRUULHQWHV \ FXDOTXLHU RWUD VXSRVLFLyQ GH SUHFLRV GH SDUWLFLSDQWHV HQ HO PHUFDGR EDMR ODV FRQGLFLRQHV DFWXDOHV GHO PHUFDGR /RV JDVWRV SRVWHULRUHV VH FDSLWDOL]DQ HQ HO YDORU HQ OLEURV GHO DFWLYR VROR FXDQGR HV SUREDEOH TXH ORV EHQHILFLRV HFRQyPLFRV IXWXURV DVRFLDGRV FRQ HO JDVWR IOX\DQ DO %DQFR \ HO FRVWR GHO HOHPHQWR VH SXHGD PHGLU GH PDQHUD FRQILDEOH 7RGRV ORV GHPiV FRVWRV GH UHSDUDFLyQ \ PDQWHQLPLHQWR VH FDUJDQ D UHVXOWDGRV FXDQGR VH LQFXUUH HQ HOORV &XDQGR VH UHHPSOD]D SDUWH GH XQD SURSLHGDG GH LQYHUVLyQ HO YDORU HQ OLEURV GH OD SDUWH UHHPSOD]DGD VH GD GH EDMD HQ FXHQWDV /RV FDPELRV HQ YDORU UD]RQDEOH VH UHFRQRFHQ HQ JDQDQFLDV R SpUGLGDV /DV SURSLHGDGHV GH LQYHUVLyQ VH GDQ GH EDMD FXDQGR VH GHVFDUWDQ &XDQGR HO %DQFR GLVSRQH GH XQD SURSLHGDG D YDORU UD]RQDEOH HQ XQD WUDQVDFFLyQ HQ FRQGLFLRQHV GH PHUFDGR HO YDORU HQ OLEURV LQPHGLDWDPHQWH DQWHULRU D OD YHQWD VH DMXVWD DO SUHFLR GH OD WUDQVDFFLyQ \ HO DMXVWH VH UHJLVWUD HQ JDQDQFLDV R SpUGLGDV HQ HO UXEUR GH JDQDQFLD SpUGLGD HQ DFWLYRV QR ILQDQFLHURV 6L XQD SURSLHGDG GH LQYHUVLyQ SDVD D VHU RFXSDGD SRU HO %DQFR VH UHFODVLILFD FRPR SURSLHGDG SODQWD \ HTXLSR 6X YDORU UD]RQDEOH HQ OD IHFKD GH UHFODVLILFDFLyQ VH FRQYLHUWH HQ VX FRVWR SDUD ORV VLJXLHQWHV SURSyVLWRV FRQWDEOHV $FWLYRV LQWDQJLEOHV 8Q DFWLYR LQWDQJLEOH HV UHFRQRFLGR VyOR FXDQGR VX FRVWR SXHGH VHU PHGLGR GH IRUPD ILDEOH \ HV SUREDEOH TXH ORV EHQHILFLRV HFRQyPLFRV IXWXURV TXH VRQ DWULEXLGRV DO DFWLYR IOX\DQ DO %DQFR /DV YLGDV ~WLOHV GH ORV DFWLYRV LQWDQJLEOHV VRQ HYDOXDGDV SDUD GHWHUPLQDU VL VRQ GHILQLGDV R LQGHILQLGDV /RV DFWLYRV LQWDQJLEOHV FRQ YLGD ~WLO GHILQLGD VH DPRUWL]DQ XWLOL]DQGR HO PpWRGR GH OtQHD UHFWD VREUH OD YLGD ~WLO HVWLPDGD GH ORV DFWLYRV /RV FDPELRV HQ OD YLGD ~WLO HVSHUDGD R HO SDWUyQ HVSHUDGR GH FRQVXPR GH EHQHILFLRV HFRQyPLFRV IXWXURV LQFRUSRUDGRV DO DFWLYR VH UHFRQRFHQ SRU FDPELRV HQ HO SHUtRGR GH DPRUWL]DFLyQ R HQ HO PpWRGR VHJ~Q SURFHGD \ VRQ WUDWDGRV FRPR FDPELRV HQ ODV HVWLPDFLRQHV FRQWDEOHV (O JDVWR GH DPRUWL]DFLyQ GH ORV DFWLYRV LQWDQJLEOHV FRQ XQD YLGD GHILQLGD VH SUHVHQWD HQ XQD OtQHD VHSDUDGD HQ JDQDQFLDV R SpUGLGDV /RV DFWLYRV LQWDQJLEOHV GHO %DQFR LQFOX\HQ HO FRVWR GH ORV SURJUDPDV LQIRUPiWLFRV WHFQROyJLFRV /D DPRUWL]DFLyQ VH FDOFXOD XWLOL]DQGR HO PpWRGR GH OtQHD UHFWD UHEDMDQGR HO FRVWR GH ORV DFWLYRV LQWDQJLEOHV D VX YDORU UHVLGXDO GXUDQWH VX YLGD ~WLO HVWLPDGD GH DxRV /DV JDQDQFLDV R SpUGLGDV TXH VXUJHQ GH OD EDMD HQ FXHQWDV GH XQ DFWLYR LQWDQJLEOH VRQ GHWHUPLQDGDV SRU HO %DQFR FRPR OD GLIHUHQFLD HQWUH HO SURGXFWR GH OD YHQWD R GHVFDUWH \ HO YDORU HQ OLEURV QHWR GHO DFWLYR LQWDQJLEOH \ VH UHFRQRFHQ HQ JDQDQFLDV R SpUGLGDV GHO SHUtRGR HQ TXH RFXUUH OD WUDQVDFFLyQ
Made with FlippingBook
RkJQdWJsaXNoZXIy NzE5MzYw