The liquidity position of the banking sector remains high. The ratio of liquid assets to short-term liabilities in July reached 38.4 percent, which is well above the required regulatory minimum of 25.0 percent. *** We also have positive developments in the insurance sector.
Since the beginning of March, we have also been reducing the assets held in the monetary policy portfolio at a measured and predictable pace, through the partial reinvestment of the principal payments from maturing securities. This was intended to ensure that the contribution of this monetary instrument is also aligned with the monetary policy stance implied by the key interest rates.