Thus – given that the current inflationary phenomenon has many causes and is derived from an economy in transition that has undergone an unprecedented crisis, with formidable structural changes (including the destruction of the financial system and many economic institutions), and where monetary policy transmission channels are still under recovery – , prudence and gradualism positively contribute to achieve intertemporal stability.
In turn, and just as most emerging countries have been doing, the Central Bank continues to implement a prudential international reserve accumulation policy. The current stock of over USD 40 billion is a record high figure and more than triples the lowest amount in early 2003.