Argentina's Central Bank President Martín Redrado spoke about the "increase of 1,500 million pesos in fixed-term deposits made in July and August, and about recovering the reserves that were used to stablize the currency markets."

At the closure of the 2009 Monetary and Banking Phase, Redrado said that the Bank has "become a strong stability point for every citizen," and added that the international crisis "is softening, although it is still risky to say what recovery will be like."

When speaking about the increases in reserves, he said that "we should not circumvent the value of the automatic availability of the resources to reach monetary and financial stability."

"The benefits of these reserves are not limited self-insurance, but are also used to reduce the possibility of a crisis and to reduce the intensity of said crisis, should it occur, while providing the tools" to work with, said Redrado.

He added that those countries that "accumulated reserves reaped the benefits," and those that "constructed a defensive line were less vulnerable to devaluations during the 2008 panic."

Redrado said that these methods are strengthened by the agreements that Argentina signed with Chile and Brazil, to establish "swap" mechanisms to end credit debt.

"There is not just one method for each country," he said, and that is why "we cannot rely on predesigned methods, although at the time" the plans may be necessary.

Redrado mentioned the Wall Street crisis, saying that "we are witnessing a before and after in terms of the international financial setup."

Finally, he condluded that "the G20's role has been fundamental, and we hope that it not only serve as a coordination tool for an exit from the crisis, but also that it be transformed into a discussion forum" internationally.

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