Latam Monthly Economic Report

April 2024

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  1. Argentina
  • Government negotiates a new version of the omnibus bill with centrist parties and non-kirchnerist Peronists
  • Inflation reduced but it is still very high
  • No conditions yet to lift the FX controls


  1. Chile
  • Inflation scenario and not heated activity allow the Central Bank to continue cutting the policy rate
  • CLP might depreciate this year and appreciate next year


  1. Colombia
  • President Petro is facing hurdles to approve his initiatives in the Congress
  • BanRep speed up the easing cycle as of the improved inflation scenario
  • But activity is still suffering as monetary policy is still very restrictive


  1. Mexico
  • General election is approaching and president Obrador might make his successor
  • Activity is positive, inflation gradually retracting
  • Total magnitude of policy rate cut dependent on inflation and FOMC


  1. Peru
  • President Boluarte in the middle of a new scandal, but she was able to survive from impeachment motions
  • BCRP surprisingly cut the policy rate by 25bps to 6.00%

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