Instead, we let the market adjust as needed, intervening only when we are convinced the movement is excessive. As a result, despite running a current account deficit, the currency has been relatively stable even in extreme risk-off periods.
Based on our macroeconomic situation, we also intend to expand or contract what can be taken out annually by households – this will be a macro-prudential instrument. The fourth element of our defense is foreign exchange reserves. We have about $ 360 billion, plus forward positions to offset possible forward liabilities.