CBs in the region act to contain currency depreciations

Summary

The BCB’s exchange rate intervention programme in Brazil will be extended into 2015. The Peruvian CB plans to limit the non-delivery forward market that has increased by more than 450% in 2014. These moves follow the measures taken to limit currency depreciation last week. Chilean CB lowered the expected growth range for GDP in 2015. We expect further monetary stimulus in 1H15.

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