In Colombia, BanRep left the MPR unchanged. We do not expect any rate cut before 2Q15.

With regards to Mexico, the global economic activity indicator fell 0.3% MoM in December, confirming slow economic activity for the year as a whole: GDP grew 2.1%. Lower public expenditure, decreased production and oil prices are the main drivers of this deceleration and suggest a downward bias to our 2015 growth forecast.

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