In particular, we acted to neutralize the effect on money supply of the increased demand for foreign currency by injecting liquidity, mainly through the redemption of Central Bank Bills and Notes (LEBAC and NOBAC) on the secondary market and partial renewals. This avoided placing excessive pressure on interest rates, at the same time as ensuring compliance with the monetary targets.
We also offered swaps between fixed and variable interest rate instruments to set a reference for the term structure of nominal interest rates for longer periods than are currently traded on the market.