October 5*, 2020 To The British Embassy in Asuncién, |_am pleased to write this recommendation letter in support of Ms. Marla Gabriela Escobar Cazal who is applying for the Chevening Scholarship to pursue a Finance and Economics Master's program in the UK. | first met Gabriela when she was an intern at the Central Bank of Paraguay and | was in charge of the Markets Department. At that time, she researched financial and ‘economic topics, such as the commercial war between China and the USA; the economic crisis in Argentina and Brazil, and other intemational topics. All of which helped us to make an informed decision during the Monetary Policy Meetings held every month, Gabriela had the opportunity to work with professionals across different areas such as risk analysis, the Real Sector studies, Monetary Sector, and Macroeconomics Analysis. This rotation gave her a deep insight into financial markets, which helped her to perform analysis and reports related to reserve management best practices, portfolio optimization, macroeconomic indicators surveillance, and open market operations strategies, At the same time, she demonstrated her level of commitment to the Institution by giving her support in the publication of the 2018 edition of the Central Bank's book. Because of her input in editing and the content itseif, the President acknowledged her contributions in his chapter. The passion and sense of responsibilty displayed in this project were also shown in the almost two years that she worked with us. Gabriela excelled on the academic side as well. She was one of the best students in the ‘School of Economics, becoming the Valedictorian of her class and achieving the highest, award for a perfect GPA. This shows her eager always push herself in order to reach her goals. é | am very proud of the level of performance she was able to maintain as a student and employee. Gabriela’s academic and professional standards are genuinely beyond what is expected of the average person in her age group, and | think she has a very diverse and complementary skillset. It is without hesitation that | give Ms. Gabriela my highest recommendation for the Chevening Scholarship. | am sure she will thrive in this new endeavor. Icabak@bep.gov.py