10 8  6 4 2 0 -2  Source: NBR  Debt instruments (intercompany lending)  2017p  2016  2015  2014  2013  2012  2011  Reinvested profit  2018H1p  Equity investments  2010  2009  2008  2007  2006  2005  -4  Figure 17. Inflation will stay in the target band in 2018 and 2019 CPI inflation  Source: NIS, NBR  CORE 2 adjusted inflation  Figure 18. Exchange rate evolution 107  250  1 January 2018 =100  106 200  105 104  150 103 102 100 101 100  50  99 98 1-Jan-18  0 1-Feb-18  1-Mar-18  EURRON Source: Reuters  1-Apr-18  EURPLN  1-May-18  EURCZK  1-Jun-18  EURHUF  1-Jul-18  EURTRY (rhs)  1-Aug-18  EURARS (rhs)  Figure 19. 5 year yield of FX government bond 11  9  7  5  3  1  -1 29-Dec-17  29-Jan-18  PL_5Y(eur) Source: Bloomberg  28-Feb-18  31-Mar-18  CZ_4Y(eur)  30-Apr-18  RO_5Y(eur)  31-May-18  30-Jun-18  TR_5Y(usd, rhs)  31-Jul-18  AG_8y(usd. rhs)  31-Aug-18  Figure 20. 10 year yield of FX government bond  10  8  6  4  2  0 2-Jan-18  2-Feb-18  PL_10Y Source: Bloomberg  2-Mar-18  CZ_18Y  2-Apr-18  RO_10Y  2-May-18  2-Jun-18  TR_10Y(usd, rhs)  2-Jul-18  2-Aug-18  AG_10Y(usd, rhs)  Figure 21.
Also, the global financial system currently provides ample liquidity, and since global markets have increasing access to more information on the productive and financial structure and the functioning of the economies of the region, they are more willing to provide tailored financing at good rates of return. Against this backdrop, we believe that the economies of the region have a good opportunity for building a new relationship with the Fund, which should be based rather on a collaborative dialogue about how global financial development could contribute to the final objective of achieving high and sustainable growth rates in the medium-term, than on meeting a certain set of stringent conditions associated to the lending programs as has been so far. Should the weight of emerging economies in the decision-making process of the Fund be increased, all these necessary efforts to which I have referred to above would produce better outcomes. Chile, as the rest of South America, did not support the proposed resolution on the quota reform in September, although it did fully support the search for an integral solution. The reasons for our vote are well known and it is not is my intention to reiterate our arguments in this occasion. We still believe that an increase in emerging country quotas would lead to more active and committed involvement of emerging economies in the Fund’s decisions that definitely would increase the Fund’s legitimacy in the region.