bring predictability and certainties to economic agents and generate market signals so as to channel savings into investment. lastly, i have set the greatest challenge for our term of office and for this board, that is, generating credit, medium - term credit in pesos for our companies, so that all those who have dreams in argentina are able to materialize them. i understand that generating credit is not something instantaneous and that it is the central bank role to pave that way through simple, clear, and transparent rules. but it is the financial intermediaries who have to take the necessary chances and fulfill their role as such. i take office with a willingness towards dialog. those who are familiar with my professional career know that this is not the first challenge i have faced as a civil servant. i am a professional that traditionally seeks consensus and dialog with all our institution ’ s officers but also with the private sector, with the productive sectors, in order to set permanent policies. i am persuaded that we have the ability to do so. i come from a three - year term of office in which we have laid the foundations for a foreign trade policy that enables argentina to leave its ideological zeal aside and look outside to the rest of the world. thus, our exports can become a natural source of foreign currency to strengthen the central bank and to provide stability and predictability to the main financial variables. i come to govern this institution with that same spirit of seeking consensus, but essentially i am deeply proud of being able to manage such a group of professionals as you are, with a strong sense of commitment. i am also extremely glad to be part of this board together with these efficient professionals. the efficiency criterion will be the key factor to assess our performance. i will expect and demand efficiency and commitment from every one of you because i myself will set the example. i am very devoted to my job and i demand that commitment from those who work with me. but, since i am a professional of consensus, my style is extremely informal, and i believe that the chain is as important as each of its links and, therefore, your concerns are also my concerns. i do not conceive of a group of people that do not have, firstly, a sense of mission and, secondly, a clear direction, a clear horizon, as well as the ability to respond to the professional and human needs of each. that is why i face this challenge - undoubtedly the major challenge in my professional career -

to control inflation. i was saying that our monetary policy has to be tight. this is absolutely necessary for various reasons. first, because inflation is still high. second, because we have to combat the forces of inertia of our history. but also because monetary policy should take into account the current context of uncertainty, with the top two world powers having engaged in a trade dispute. the upcoming presidential election in argentina is another source of uncertainty. this endogenous rate reflects the current uncertainty. let me briefly refer to the slight decrease in the interest rate on liquidity bills ( leliqs ) in the past few days. such a drop should not be mistaken as a loosening of monetary policy. it is explained by the drop in inflation and in expected inflation in recent months. 1 / 2 bis central bankers'speeches however, the real interest rate continues and will continue to be positive. the real interest rate has been positive for nearly 9 months, a historical exception that should, actually, be the rule. our tight monetary scheme guarantees this result. in fact, as the leliq rate decreased in the past few days, the real rate slightly increased. this is the endogenous dynamic of the interest rate in the current context of uncertainty. high interest rates carry a cost for many sectors in the short term. however, the alternative carries a higher cost in the current context. this monetary policy protects us from uncertainty, whether domestic or external, and will bring about lasting benefits for society as a whole. 2 / 2 bis central bankers'speeches