7 Specifically, Chile recorded budget surpluses in 2011 and 2012, Colombia in 2012, and Peru in each year from 2010-2013. Page 4 of 10  More recently, some emerging markets have had space to cut rates. The prevailing pattern has been that the countries that are closer to their inflation targets, and which previously increased rates more, now have greater scope to cut.
The more immediate benefit of the new auction-type instruments under the IRC is that the price discovery process will be facilitated by the bids we receive from market participants, which will  1  By June 3, all RRPs under the current facility would have matured and all term placements under SDA would have been wound down to give way to the new facilities under the IRC.