As you can see, our reserves declined by $ billion. It [the dollars sold] is about 12.6 percent of our reserves. The only country that has bigger, in relation to reserves [sold as a percentage of their gross international reserves], were India and Thailand. So, the point is: We are very successful in bringing down inflation.
We expect it [inflation] to go back [to within target]. It is already target-consistent at this point, but the year-on-year numbers will, of course, take time. [The effects will] most likely [manifest] by the end of the third quarter or the fourth quarter of this year. Thank you very much. 3/3  BIS - Central bankers' speeches