Flash Note

Dear subscriber [name],

We are sending our most recent Flash Note.

Highlights:

• This time, exchange rate fluctuations weighed more than the deceleration of the general price level, with the BNA, at the Monetary Policy Committee (MPC) meeting held on the 25th of November, deciding to leave all instruments unchanged of monetary policy;

• With favorable winds from the exchange rate-inflation binomial, since May the central bank has been making its monetary policy more flexible;

• For the near future, our perspective is that monthly inflation will accelerate slightly, especially in December, January, and February, due to the lagged effect of exchange rate depreciation and seasonality.

Best regards,
BFA

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