Flash Note nº 9 24.05.2024

Dear subscriber [name],

We are sending our most recent Flash Note.

Highlights:

At a time when inflation shows no signs of slowing down, the latest PMC's decisions are in line with market expectations;
As inflation now has more comfort to continue rising, we believe that the BNA should further reinforce the already restrictive monetary policy position, further increasing interest rates and the mandatory reserve ratio;
The target of 23.4% seems challenging to reach by the end of 2024. Therefore, from our perspective it will make sense to pay extra attention to the maturity dates of securities during this year, and their effect on liquidity.

Best regards,
BFA

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