This policy is not only the result of expectations on the US rate cycle, but also a gradual process towards the reintegration of benchmarks for reserve management. In fact, as has been empirically proven, the discipline derived from the use of benchmarks, with specific restrictions to deviation, offers tangible results in the medium-long term and is the policy regularly adopted by most central banks.
As the element agglutinating all of the innovations mentioned above, a full change in investment policies is being introduced so as to include the basis for investment policies and update the range of instruments available.