To backtrack, in 2010–12, the country experienced strong surges of capital inflows, as the country became a magnet for capital that was looking for a home that had both good yield and excellent growth potential. As the dollars were converted to buy domestic assets, peso liquidity in the system grew.
I look forward to discussing all of this with all of you. Thank you. I would like to thank Gino Cateau and Grahame Johnson for their help in preparing this speech. 1 See T. Gravelle, "The Bank of Canada's market liquidity programs: Lessons from a  pandemic" (speech delivered to the National Bank Financial Services Conference, Montréal, Quebec, March 29, 2023).