And the second conclusion, which is more general, more political, if you will, is that we are in a world full of uncertainties (economic, political); a framework for international cooperation is needed.
Looking ahead, inflation could settle above the 2 to 4 percent target range this year but is expected to revert to our target range in 2022 and 2023. The BSP will continue to closely monitor all risks to future inflation. We will remain vigilant against the emergence of second round effects and any possible unhinging of inflation expectations.