Waiting for the Final Whistle

Weekly  Reports

 

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Waiting for the Final Whistle

Fifth week
November 2021

Two weeks passed after the elections, and the exchange rate and the monetary policy remain unchanged. In the meantime, the combination of an RER appreciation of more than 16 percentage points so far this year and a FX spread of more than 100% put all the incentives to reduce the international reserves of the Central Bank, which continues a crawling peg FX policy of just over 1% per month. And everything seems to be that the intention is to maintain it for as long as possible.