1) Domestic inflation was threatening to breach the inflation target on the upside, and 2) M3 had been growing over 30 percent as a result of the operational adjustments in our SDA facility that we put in place to account for capital inflows. Fortunately, the economy was growing robustly then, and therefore there was no need to provide any monetary stimulus.
In other words, it was our assessment that the economy could withstand some tightening in financial conditions at that time. You will recall that in our communication then, we further indicated that the moves were also motivated by the anticipation of Fed normalization. It was pre-emptive monetary tightening in order to help guide the domestic markets and break any tendency to under value/appreciate risks.