"The country has a large and growing domestic market, and its exports account for less than 15% of GDP. That's lower than most other emerging markets, and local demand has been sustained through targeted tax breaks and a cycle of monetary easing. Also, backed by a large cushion of reserves amassed in recent years, the Central Bank was able to offer dollar liquidity at the height of the global financial crisis to companies needing to refinance. What's more, liquidity was injected by easing reserve requirements, mitigating the credit squeeze."