Dollar surge speed, not level, sparks intervention talk; reserves 12% of GDP

Commentary argues the pace of dollar appreciation, not its level, is the concern, with disorderly depreciation prompting potential intervention via dollar auctions and currency hedges backed by reserves near 12% of GDP. The piece signals rising official unease over FX volatility, though no concrete action is confirmed. This matters as it hints at possible central bank FX intervention that could stabilize or reverse currency moves.