So, the moment we give [delivered] the 425 bps [in cumulative] policy rate increase, the peso appreciated. After a long series of policy rate adjustments, year-to-date [from 1 January to 4 April 2023], the peso actually appreciated by 2.0 percent. In other words, the exchange rate is no longer adding to the inflation problem. That is the situation.
•  One of the reasons for the recent global financial crisis was the development of a nonbank financial system, mainly in the US, which was not sufficiently supervised. These systems grew rapidly while taking significant risks that in the end were realized in the form of a financial crisis.