Santo Domingo. - Banks superintendent Rafael Camilo yesterday said the monetary authorities will not vary the financial system’s prudential norms and told those who complain of its rigor that that is in fact what has kept situations of risk from affecting that sector.

The official, who is also a member of the Monetary Board, said the increase in interest rates aims to control inflation and that if a negative effect on the financial system could well cause a possible delay on credits, “in fact that’s the Banks Superintendence’s function to establish the control measures needed so that doesn’t occur.”

Camilo said while the United States financial crisis has had a world-wide impact, the permanence of the financial system’s prudential norms is further justified.

Last week Popular financial group president Alejandro Grullón criticized the monetary policy and complained of the banking norms’ rigor.

As to the credit portfolio for mortgages, Camilo affirmed that there are no defaults, since people prioritize their house payment, while the personal loans portfolio has has grown less as planned, by increasing the interest rate.

Regarding the Dominican Government’s Monitoring Agreement signed with the International Monetary Fund (IMF), Camilo said evaluations will be realised twice a year, since the economy doesn’t need financing. “ It has sufficient reserves, there’s no need to adjust its debts and there are no risks factors in sight.”