Since our very first week in office, our Board has attempted to make public banks become more active in the swaps market, and in particular that we may reduce the gap in this corridor, today between 3.5% and 2.5%. During last week, we have seen the Banco Nación operate with a narrower corridor, lending money at a 2.8% annual rate.
This shows that setting a reference rate and working jointly with the other public banks is already yielding fruit. I would now like to go back in history a bit to avoid tags. During the 80s Argentina’s monetary policy was hyperexpansive. The Central Bank was always issuing to offset the imbalances of the public sector. The monetary base was always expanding and never contracting.