The process of reducing interest rates – anchored on a solid tax policy and enabled by the removal of institutional obstacles (such as the rule of remuneration of savings accounts) – was extended to the second half of 2012, leading to a real annual rate under 2%. This resulted in a significant reduction in the interest-rate differential with other countries, which, together with a more active intervention policy in the spot and future markets, brought the exchange rate to a much more competitive level, despite the global currency war.