And even though predictability and innovation do not always go hand in hand, our monetary policy capacity to react to an external crisis served to maintain the horizon of stability. At the same time, this has resulted in an innovative behavior compared to the spasmodic responses that Argentina featured over history.
Consistent with the EBA guidelines, the Central Bank has been clear that credit institutions should not pay dividends for the nancial years 2019 and 2020 until at least 1 October 2020 and should refrain from share buy-backs aimed at remunerating shareholders.