Inflation remains low and stable, and expectations continue to be well-anchored. For the first nine months of 2017, inflation rate averaged 3.1 percent. We remain on track to stay within the target range of 2 to 4 percent for 2017, and inflation is projected to settle near the midpoint in 2017–2019. Despite global shifts, the balance of payments (BOP) is under control.
The country’s BOP in September in fact posted a surplus of $ million, a reversal from the previous months’ deficit. While we project an overall BOP deficit for 2017, we expect this to remain at less than 1 percent of GDP. This is something that can readily funded given the large level of international reserves, our other external liquidity buffers, and our market access.