Paraguay, a small and open economy linked to export agribusiness with indirect ties to the international financial market, experienced a profound and prolonged financial crisis in the nineties that led to substantial regulatory policy and supervision reforms. Since then, prudential rules and regimes as well as supervisory techniques were improved to the levels that are reflected in our sound, stable and growing financial system. The capital market or public offerings of securities are still incipient. The social security entities have significant savings in the financial system and do not as yet have a regulatory and supervision regime…