Wednesday, March 4, 2015
The Central Bank's 2015 monetary programme.
The Central Bank's (BCRA) 2015 monetary programme indicates that the main features of the current monetary policy framework -- characterised by an expansionary bias, foreign exchange controls and close monitoring of the informal exchange market -- will continue this year.
- The government will prioritise exchange rate stability, at the expense of economic activity.
- The BCRA will continue using the official exchange rate as a nominal anchor.
- Foreign exchange controls may be extended to discourage devaluation expectations and to protect international reserves.