The relatively stable periods were short due to contradictions in the programs that should have ensured macroeconomic solvency. Suffice it to recall the end of price stability in the 1990s, after a sharp appreciation of the domestic currency resulting from an exchange rate that was inconsistent with the fiscal position and external equilibrium.
Among the preventive measures, the reserve accumulation and management policy acts as an insurance against temporary changes in external financial conditions. This is a strategic option – not only a by-product of the managed float, but a prudential policy in itself.