Having adequately assessed the costs and benefits of each instrument beforehand, we focused all our efforts on restoring money market equilibrium. A quick and “surgical” reaction allowed us, in the first place, to strengthen the demand for pesos and facilitate foreign currency supply.
In this respect, and in order to put the complexity of this task into perspective, it is worth remembering that the demand for money is decided by the public and that our capacity to influence that decision is mostly indirect and limited. In fact, through transactions in the spot and futures markets, the potential pass-through of depreciation trends to domestic prices has been avoided.