Afterward, and in order to reduce uncertainty, action taken by the monetary authority combined direct intervention in the foreign exchange market – in coordination with the stateowned banks – to avoid inflationary pressures and the provision of liquidity in the money market so that the natural increase in interest rates would not become persistent and thus threaten credit dynamics.
To that end, monetary policy instruments were used such as the absorption of Central Bank securities (Lebacs and Nobacs) which, far from being conventional debt – they are backed by reserves – make up liquidity “cushions” that may be  BIS Review 87/2007  1  used in a situation of financial stress.