Relief from foreign exchange pressures The biggest challenge, of course, was the pivot of the US [Federal Reserve] to tight money, [which] caused a large depreciation of the peso, just like many other currencies. And, actually, there are two stories: What you see here is the summary for 2022, when the peso depreciated by 8.0 percent.
But, if you looked at the numbers from October, the depreciation was 13 percent. This [depreciation] was strengthening very high inflation, and the fall in the exchange rate is starting to disanchor inflationary expectations. The fruits of decisive monetary action [Faced with these developments,] we had an increase in the policy rate of 350 basis points (bps).