Investor Presentaiton

Macroeconomic Program 2019-2020 Policies to achieve inflation target Adjustment in policy rate if analysis identifies deviations between inflation forecast and target. Exchange rate market intervention for three motives: • Agent for non- financial public sector. • Meet own needs. Prevent excessive fluctuations. Pursue improvements in operations and price formation in key markets (FX, liquidity, and debt). Proactive management of liquidity control instruments, in coordination with Finance Ministry. Strengthen communication with the public. 25

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