Facing New FX Dynamics

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Facing New FX Dynamics

Third week
November 2019

The Central Bank started buying reserves again after the FX controls were tightened. So far in November, the Central Bank has bought around USD 1.5 billion. Without any doubt, this has brought relief and marked a turning point regarding the worrisome former dynamics at the expense of, obviously, tightening controls. It has even contributed toward stabilizing private dollar deposits, which stopped falling. Another positive aspect can be found in the drop of the FX spread, which stands at surprisingly low levels. Good news that bring relief amid the government’s transition.