General guidelines
Within the framework of the fundamental mission of preserving monetary stability contemplated in Article 3 of its Organic Charter and after the episodes of high nominal instability that occurred between April and August 2018, the Central Bank decided to implement a scheme of strict control of monetary aggregates. This made possible a substantial reduction in price volatility, thus advancing in the recovery of the nominal anchor of the economy, a measure that was considered the best action to defend that objective, that is, to achieve a low and stable level of inflation, which is the greatest contribution that the monetary entity can provide for the economic development and social equity of the country.
The Central Bank also aims to maintain the stability of the financial system and promote its growth. In this way, a system capable of providing fund intermediation,
hedging and payment services in an adequate, efficient and continuous manner is promoted, even in adverse operational contexts.
Having adequate conditions of financial stability is a prerequisite for ensuring that the financial system contributes to economic development with social equity, by providing adequate means to save, expand production and consumption possibilities, as well as allocate financial resources efficiently.
In addition, during 2018 the BCRA continued to promote greater financial inclusion and encourage greater access to and use of financial services (accounts, payments, savings and credit). This implies that more people have access to the financial system, that they make more intensive use of financial products and services, and that financial institutions (EFIs) provide useful products and services to their users.
Having presented the main guidelines of the BCRA, we proceed to detail the policies implemented and the results obtained during 2018.
