Foreign exchange control liberalisation Let me touch on the Bank’s decision to remove the remaining controls on foreign exchange. The first question many may ask is the obvious one: why liberalise the exchange controls? The rationale as I have stated is to allow for a smoother flow of capital into and out of the country.
This approach integrates the forward guidance on the policy rate and on asset purchases, rather than establishing distinct criteria. The December guidance clarifies that the pandemic asset purchases will continue at least at the current pace until substantial further progress is made on our employment and inflation goals.