Por Miguel A. Kiguel
Todos sabemos cómo funciona el cepo, y hemos aprendido a vivir con tasas de interés reales negativas, a usar el dólar Contado con Liqui para eludir los controles...
The CB’s intervention arsenal is powerful
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The CB’s intervention arsenal is powerful
First week
May 2019
As of last week, the CB can make FX interventions without any restrictions, with the aim of mitigating the excessive exchange rate volatility, even within the non-intervention zone. The success of the shift of regime depends both on the size of the arsenal of reserves to intervene and on the CB’s commitment in order to pull the trigger when the market conditions demand it. The arsenal is powerful and, under conservative assumptions, its floor is at USD 23.3 billion.
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