The managed floating exchange rate regime has been the most adequate at a certain time in history for many countries, particularly in Asia. Specially, for countries such as mine with decades of macroeconomic volatility and dollarization which during the past 25 years has spent more than a third of its time outside its dynamic stability path.
By acting in a firm and timely manner, we will prevent second-round effects and ensure that risks to price stability over the medium term do not materialise. Securing a firm anchoring of medium and longterm inflation expectations in line with price stability is of the essence.