translated from Spanish: To rein in the dollar, the Central reinforces its intervention in the market

The Central Bank of the Republic Argentina (BCRA) changes of strategy and decided to “reinforce the contractive monetary policy bias” and will intervene in the exchange market to “more aggressively reduce” the amount of pesos. If the exchange rate will be located above $51,448, the BCRA will increase from US $150 to U$ S 250 million the amount of daily sale stipulated up to now, while you can make sales in dollars “even if the rate of Exchange will be located below the upper stop the amount and frequency will depend on the dynamics of the market.”
The Committee of monetary policy (Copom) of the Argentine Central Bank reported that he decided to “reinforce the contractive monetary policy bias, by intervening in the foreign exchange market to more aggressively reduce the amount of weights and in this way contribute to the proper functioning of the market”. Modifications to the monetario-cambiario regime adopted “given the increase in exchange rate volatility observed” in the last few days, it said in a statement. Interventions “will take place both within what had been defined so far as zone of No intervention (ZNI), and outside it”. 
The BCRA, also “may determine additional interventions to counter episodes of excessive volatility if it considers it necessary”.
In this way, measures “enable absorption of liquidity of pesos when the exchange rate is below $51,448 and intensify the absorption when the price of the dollar is located above”. In this note:

Original source in Spanish