The CB intervention low points to the dollar

Intervention by the Central Bank, yesterday in the Forex market had immediate effect to cause a drop of 20 points in quotations, thus halting the upward trend that began to manifest itself since the beginning of the year.

The dollar was trading at at 39.15, and yesterday Friday reported operations of 38.95, according to polls conducted by this newspaper market exchange rate.

The Central Bank reported that, considering the unusual behavior of the rate of change in recent days, he decided participate actively in the market to avoid movement unwanted dollar as well as the creation of expectations negative on the movement of the currency.

To this end he supported in high levels of reserves, and said he is prepared to take additional measures which are necessary in monetary and financial matters to ensure stability in the exchange rate.

Yesterday the national organization of commercial companies (ONEC) u000aIt expressed its support for the immediate response from the monetary authorities aimed at curbing upward. The Central Bank had warned that the rise in the exchange rate does not respond to monetary reasons, and may rather be associated to seasonal elements of transient reduction in the supply of dollars on the market during the first quarter of the year.

"This situation will be monitored carefully to avoid movements unwanted in the exchange rate," said the Central Bank said in a statement issued Thursday.

The Central Bank expressed its commitment to macroeconomic stability and its objective of monetary policy to maintain control of the inflation.

Business trade FELICITAN measures
the President of the national organization of enterprises commercial (ONEC) Antonio Ramos, congratulated the immediate action taken by the monetary authorities where they give his usual concern of maintaining stable sample the u000avariable macroeconomic.

Also said that although it is normal to see an increase in the rates of change for the last and the first weeks of the year, "the truth is that this increase in reported has been completely unusual".

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