with its own previous historical levels. we are building up reserves thanks to a trade balance surplus which is expected to continue in the next few years. even after debt repayment and without considering future trade surplus, the international reserve stock is well above its optimal level in terms of imports for the next months, short - term external liabilities and monetary aggregates. in turn, the national public sector holds ar $ 30 billion worth of deposits, identical funding is guaranteed in the domestic market and there is a similarly sized fiscal scenario. this exceeds next year ’ s public debt maturities ( capital and interest ). this decision is fully consistent with the monthly trade surplus of usd 1 billion expected for next year — which ensures one of the three basic pillars of the current monetary regime : the prudential international reserve accumulation strategy that also supports the monetary absorption instruments used to regulate the means of payment adjustment. therefore, this decision is in keeping with our commitment to repeat in the next five years the fiscal performance of the previous period — a primary fiscal surplus of 3. 2 % of gdp —, and with an economic program fully engaged in the efficient and prudent coordination of various anti - inflationary policies. on the one hand, both the fiscal and the revenues policies should be consonant with the behaviour of primary spending and revenues, respectively. on the other, monetary policy should not only keep fostering the recovery of domestic money demand, but also attempt to consolidate the remonetization of the argentine economy. the sound coordination of all these policies will most likely extend twin surpluses ( fiscal and external ). for our country, these surpluses have become the pillars of sustained growth with social inclusion. for the first time in decades, the central bank of argentina has effective tools to protect our economy against any sudden changes. this is the best contribution we can make to ensure two essential public goods : monetary and financial stability, which were missing in the economic history of the past 50 years. thank you all and see you next year.

german has talked about it : 6 % of financing from the financial sector to the private sector, 6 % of gdp, and 8 % of capitalization from the capital market in the argentine economy. moreover, the bcra has sterilized the savings of argentine companies for usd60, 000 million through leliqs and repo transactions. although this might be seen as a macroeconomic problem, in fact, it is an opportunity. considering its domestic savings, argentina has great capacity to expand investment and financing, and that is how we understand it. thus, while solving the external restriction and inflationary inertia problems, it is also necessary to develop the capital market. this is a complex process because it does not only involve macroeconomic problems but also economic agents'performance problems. from the moment statistics started to be produced in this regard, argentina has built up foreign assets amounting to usd190, 000 million. in the balance of payments, argentina's residents are world creditors for usd380, 000 million. since 2006, argentina has imported u. s. banknotes for usd171, 000 million. therefore, we need to solve the problem of inertia and the lack of capital market to overcome these high levels of inflation. the capacity or possibility of economic growth is necessary but not enough for us to achieve this objective. i would like to thank you, once again, for joining us in this conference. i would like to thank those who have presented their ideas, the economic research deputy general management office, and the institutional and international relations departments of the bcra for the success of this conference. we hope that this tradition continues in the coming years. thank you. 3 / 3 bis - central bankers'speeches