To that end, monetary policy instruments were used such as the absorption of Central Bank securities (Lebacs and Nobacs) which, far from being conventional debt securities – they are backed by reserves – make up liquidity “cushions” that may be used in turbulent situations.
Indeed, we have begun to buy back short-, medium- and long-term securities to inject liquidity to the market, proving that they are in fact monetary policy instruments. Besides, regulatory measures were adopted – bimonthly calculation of banks’ liquidity requirements – to “decompress” stress situations in the money market.