We continued to intervene actively, almost on a daily basis, on the domestic foreign exchange market during the year to remove unwarranted volatility. The Bank purchased foreign currency of nearly USD1.1 billion – a record – and sold the equivalent of USD470 million. We thus doubled our foreign currency purchases from the level of the previous year when we bought nearly USD525 million.
2  BIS central bankers’ speeches  Monetary policy stance and implementation Another boundary that has been completely redrawn during the crisis is the one between monetary policy stance and implementation. This is the boundary where Jose-Manuel has been most directly involved during the crisis as the Executive Board member responsible for Market Operations since June 2006.