Analysts expect further monetary stimulus in Chile in the first half of 2015

Today the monetary policy meetings in Chile and Peru will be held; in both cases we do not expect any changes. In Chile inflation dynamics, which are now above the target range of CB, will be key for further MP movements. In Peru, recent exchange rate volatility will back the decision to keep the MPR unchanged. Furthermore the minutes of the latest MP meeting in Brazil will be released, where there should be more clues about the end of the monetary tightening cycle that we believe is close to an end.

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