Flash Note

Dear subscriber [name],

We are sending our most recent Flash Note.

Highlights:

The reductions in inflationary pressures led the BNA, at the Monetary Policy Committee (CPM) meeting held on 20 January, to reduce the main interest rates that guide the economy.;
It should be noted that, with a relatively non-functional monetary policy corridor, open market operations (OMA) with repurchase agreements (Repo) are, at the moment (together with reserve requirements rates), the main monetary policy tool of the BNA.
For the near future, our perspective is that monthly inflation accelerates again in January and February, standing at around 0.9%-1.1%, but yearly inflation should clearly continue to decelerate until the Q1 of the year, reversing the trend from the beginning of the Q2.
The binomial of inflation and exchange rate will continue to be a decisive factor for defining and conducting monetary policy.

Best regards,
BFA

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