4  BIS Review 8/2005  Other Latin American countries that have turned to inflation targets include Colombia, which began using the approach in 1999, and Peru; the Central Bank of Peru has been announcing inflation target ranges since 1994, although it did not adopt a full-fledged inflation-targeting regime until 2002.
Argentina, which is still recovering from its 2002 debt crisis and the collapse of its currency board, has set unofficial target ranges for inflation. The new monetary approach is a good one for Latin America, I believe, for several reasons.