In Mexico, the central bank left the MPR unchanged, and adopted a cautious tone on the risks of the possible adverse effects on inflation of a prolonged depreciation

The minutes of the last monetary policy meeting in Brazil suggest that the adjustment of current monetary conditions will continue in the short term. In Peru the central bank adopted new reserve requirements for currency derivatives; with this measure the bank gains some room for an eventual MPR cut. In economic activity data, there were positive surprises in Chile at the end of 2014, in line with the expected slow recovery this year. Import data in Colombia pointed to good growth in private consumption continuing at the end of 2014.

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