capitalization and extension of maturities for liabilities ( negotiable instruments ) has gathered momentum in the past few years, leading to a mature financial system for the future. all things considered, currently there are no symptoms of a weakened demand for domestic money. deposits and credit do not seem to have been impacted by the international change of mood, and continue on their upward trend. demand for dollar bills diligently rose and then fell to preexisting levels. all in all, the new international scenario creates new opportunities and challenges for the monetary strategy, but without risking the continuity of the ongoing program nor disrupting the rules of the game. on the contrary, international volatility can provide greater room for maneuver in terms of use of available instruments, that is, the foreign exchange and interest rates to achieve the intermediate targets ( monetary program ) and final targets ( intertemporal inflation rate ) of the central bank's monetary policy, the greatest contribution of it to stability being the transparency and predictability of its guidelines. these days'greater uncertainty can also be a good exercise to understand that it is possible to live with international volatility, without fearing for the future of our savings or the stability of our jobs.

bank ’ s total assets, which is fully effective now. as a result, banks ’ exposure to the public sector accounts for only 17 percent of total assets, vis - a - vis around 50 percent during the end of the crisis. besides, we took specific measures to prevent those who cannot repay in us dollars from borrowing in that currency, encouraging the development of the credit market in argentine pesos. in the financial arena, we see that the government share in banks ’ total assets was dramatically reduced since the crisis. this crowds in the private sector. the non - performing portfolio has hit an all - time low. the system has already shown a positive balance for a couple of fiscal years now, and the process of capitalization and extension of terms for liabilities has been gathering momentum in the past few years. thus, we now have a financial system that is more mature and better matched. in the current monetary scenario, currently there are no symptoms of a weakened demand for domestic currency, and monetary aggregates have been strictly controlled to keep the balance between supply and demand. all in all, the new international scenario creates new opportunities and challenges for the monetary strategy, but without jeopardizing the continuity of the ongoing program nor disrupting the rules of the game on the contrary, international volatility can provide greater room for maneuver in terms of use of available instruments, that is, the foreign exchange and interest rates to achieve the intermediate targets ( monetary program ) and final targets ( intertemporal inflation rate ) of the central bank's monetary policy, the greatest contribution of it to stability being the transparency and predictability of its guidelines. central bank actions show us the consistency and effectiveness of the innovative strategy we are implementing, both in the monetary and the financial arena. this is a strategy that, in stages of transition such as this one, requires the essential monetary policy tools to act in coordination so as to consolidate sound economic growth with social inclusion. thank you very much.