The Brazilian Central Bank’s inflation report, out this morning, revealed that the CB is confident that its strategy is consistent with the inflation converging to the target path. The report notes the complex (“disinflationary”) global outlook, and a still weak domestic recovery.

Results in the central bank’s external accounts report for January draw a clear picture: the current-account deficit (i.e., external savings) is widening, while its financing remains sound and diversified. The domestic economy, which is gaining momentum again, while …

The central bank has a single mandate, established by the constitution, to pursue price stability. As mentioned earlier, CB directors serve fixed terms.

At the end of the 1st half of 2013, Itaú Unibanco took important steps to expand its operations in Latin America. In June, the bank entered into an agreement with the retailer Cencosud to jointly develop consumer finance

A letter by the central bank (sent on April 30) asked for a reclassification of renegotiated loans as there is a widespread belief that many of these loans are being classified too optimistically.

Itaú Unibanco or LatAm Talking Points its subsidiaries may do or seek to do business with companies covered in this research report. As a result, investors should be ... This report has been produced by Banco Itaú BBA S.A (“Itaú BBA”), a subsidiary of Itaú Unibanco Holding S.A. (“Itaú Unibanco Holding”), and distributed ...

The central bank monetary policy committee decided to maintain the interest rate unchanged at 3.25% in January, as widely expected. The press statement suggests that the central bank is not planning any policy rate move soon. Furthermore, policy makers are still quite

This report has been produced by Banco Itaú BBA S.A (“Itaú BBA”), a subsidiary of Itaú Unibanco Holding S.A. (“Itaú Unibanco Holding”), and distributed by the companies, directly or indirectly, controlled by Itaú Unibanco Holding (altogether, “Itaú Unibanco Group”).

Central Bank acted in the market only at levels above 2.10 reais per dollar. Given weakness in growth and economic policy signals toward raising competitiveness through a weaker exchange rate, we revised our year-end estimates for the exchange rate to 2.10 reais per dollar in 2012 and to 2.15 in 2013, from 2.02 in both years.

Yesterday, the central bank published the economic expectations survey for November. It revealed that analysts reduced their GDP forecasts for 2013 and 2014 to 4.2% and 4.1%, respectively (from 4.3% and 4.4% in October). This adjustment was probably influenced by the weak activity indicators published over the last few weeks.