As regards a possible relaxation of the policy, it will depend primarily on the budget deficit realized until the end of the year, as well as by the wages policy of the Government.
In an ideal world, perhaps, the exchange rate would move simply to reflect actual economic fundamentals - both long-term factors such as structural changes in our relative productivity performance, and medium-term differences in economic cycles. The exchange rate would provide accurate signals to producers, and act as a buffer to temporary pressures. In fact, exchange rates are more volatile than this.