This conclusion bears in turn on the relationship between communication and policy flexibility in modern central banking. One sometimes hears the view that providing information to the public about the central bank’s forecasts, plans, and objectives inhibits the flexibility of policy by effectively restricting policymakers’ future choices.
Our intention is to use this economic policy tool as a way of converging toward and not just setting this market reference rate. At present, the pubic sector’s deposits in the Banco de la Nación and other public banks amount to 30 billion pesos. Of the 100 billion pesos deposited in the financial system, a third corresponds to the public sector.