In my opinion, the current managed floating exchange rate regime is the most appropriate to weather financial turmoil at this time of our economic history. Analyzing the Asian experience, Zeti has just stressed the importance of foreign exchange predictability for companies to focus their efforts on micro issues.
Highfrequency indicators such as mobility data, electricity consumption and credit card transactions displayed progressive improvement in July and August, although these data are highly seasonal which prevents us from drawing strong conclusions. The unevenness of the recovery is highlighted by the divergence between services and industry, in contrast to the crisis a decade ago when activity in these sectors moved in tandem.