. today ’ s international reserve management is significantly different from that of the past decade ’ s : in the past, the monetary system prioritized the immediate availability of investment and a comprehensive program of external managers was used ( supplemented by the in - house management of a part of the reserves ). the current floating exchange rate system and the policy of foreign reserve accumulation make it possible to lay less emphasis on very short - term placements. in the past two years, apart from the “ traditional ” task of monitoring the international markets and economies on a daily basis as the starting point for decision - making in international reserve investment, quantitative analytic models have been developed that have succeeded in improving the strategic and tactical decision - making processes. some of these models focus on the fundamentals ; others, on technical indicators of market behavior ; yet others combine both elements - but all of them use advanced financial tools to assist and supplement the traditional qualitative analysis of investment opportunities. in turn, the floating system implies that there are no technical reasons to concentrate reserves in a single currency, which allows for portfolio diversification. diversification gradually moved from an “ opportunistic ” approach ( fully based on the expectations regarding exchange rate evolution ) to an approach based on the economy ’ s structure, particularly, on the currency composition of the current account and the external debt, which allows for tactical deviations to increase returns. the debt with the imf was paid with practically all foreign currencies in the portfolio other than the us dollar. since then, euros and pounds were gradually purchased, until investment in currencies other than the us dollar ( including gold ) reached around 18 percent of reserves. as part of this diversification policy, the euro and pound positions were set above the neutral levels ( resulting from the current account and public debt currency structure ), while the yen position was set below those levels. despite the redefinition of the currency composition after the payment to the imf, the share of euros is at its highest ( except for the considerable euro purchases in late 2005 to make the payment ), while the share of pounds and yens has been reduced. as to the gold position, derivative instruments started to be used in order to reduce the impact of market rate volatility, as necessary. in particular, the great increase in the price of gold during the past two years entailed an additional source of return for international reserves. while the rise in the price of gold was mainly due to the

the sfc is in close coordination with broad project on strengthening the governance of the financial system for sustainable development, coordinated by the united nations environment program. on the institutional front, just 10 months ago, banco de mexico created a directorate of environmental and social risk policy and analysis with the goal of mainstreaming the environmental approach and factors into our main operations and functions. the aforementioned demonstrates our commitment to the transition to a green and inclusive economy. concerning esg standards in mexico, i would like to share that in a joint effort, in december 2021, we set up a task force on climate - related financial disclosures ( tcfd ) in mexico, emulating the successful case of the tcfd consortium in japan. the mexican tcfd is a private sector platform with the participation of financial authorities as observers, focused on disclosing tcfd recommendations divided into four pillars : governance, strategy, risk analysis, and metrics. this will expedite the disclosure of material information and the use of such information by investors. i am confident we are already on the right track and moving forward decisively. we are going through an intensive stage in acquiring knowledge and promoting education that should lead us to implement an effective deployment strategy. last but not least, i would like to mention that since 2016, private and public mexican institutions have issued a total of more than 33, 000 million pesos in green bonds, of which more than 90 % is outstanding today. there is an increasing appetite for these instruments, and the issuances have had a positive performance. i trust it will continue this way. i will stop here, and i will gladly take your questions now.