Interest rates
(Quarterly average)
Official ECB rate
Euribor 3 months
Euribor 1 year
Spain 10-year bond
USA 10-year bond
USA Federal rates
TIIE (Mexico)
The Mexican economy showed signs of gradual
recovery in the third quarter and this indicates the
worst part of the crisis is over. Indicators such as
manufacturing and industrial production are expected
to continue to show signs of monthly growth,
confirming the gradual improvement of the economy.
Inflation maintains its downward trend although a
rebound is expected at the beginning of next year
provided the government reforms to increase tax rates
and adjust certain regulated prices are approved.
In South America most countries have seen GDP
growth slowdown due to falling external and internal
demand. Nonetheless the situation is more positive
than other regions and recovery is expected. The
inflation rate is declining and many central banks have
cut interest rates further.
Exchange rates
(Expressed in currency/euro)
Mexican peso
U.S. dollar
Argentine peso
Chilean peso
Colombian peso
Peruvian new sol
Venezuelan bolivar fuerte
3Q 2Q 1Q
1.00 1.10 1.92 3.28 4.24 4.00 4.00
0.87 1.31 2.01 4.24 4.98 4.86 4.48
1.34 1.67 2.22 4.38 5.37 5.05 4.48
3.92 4.16 4.17 4.16 4.65 4.54 4.17
3.50 3.30 2.70 3.20 3.84 3.86 3.65
0.25 0.25 0.25 1.07 2.00 2.08 3.19
4.90 5.89 8.00 8.71 8.49 7.96 7.93
30-09-09
2009 2008
Regarding end-of-period exchange rates the dollar; the
Mexican, Argentinean and Chilean pesos, and the
Venezuelan bolivar fuerte have depreciated year-on-year
and quarter-on-quarter. On the other hand, the
Peruvian nuevo sol and especially the Colombian peso
have appreciated in both cases. As a result they reduce
the growth of figures on the balance sheet and income
statement.
4Q
Average exchange rates mostly declined year-on-year.
The Mexican peso fell 14.1% against the euro, the
Argentine peso fell 6.7%, the Colombian peso 6.5%
and the Chilean peso 5.8%. The US dollar and the
Venezuelan bolivar fuerte appreciated 11.4% and the
Peruvian nuevo sol rose 4.6%. As a result exchange
rates have a negative effect on the year-on-year
comparisons of the income statement amounting to
about four percentage points.
Year-end exchange rates Average exchange rates
Δ% on
30-09-08
Δ% on
30-06-09
19.7453 (20.4) (6.0) (2.6) 18.6282 (14.1)
1.4643 (2.3) (3.5) (5.0) 1.3665 11.4
5.6339 (20.1) (3.9) (12.7) 5.1352 (6.7)
799.36 (1.2) (6.4) 10.8 781.25 (5.8)
2,816.90 10.2 8.2 10.9 3,021.15 (6.5)
4.2311 0.8 0.6 3.2 4.1693 4.6
3.1443 (2.3) (3.5) (5.0) 2.9342 11.4
Δ% on
31-12-08
3Q
3Q09 GROUP INFORMATION
Relevant events
2Q
Jan.-Sep. 09 Δ% on
Jan.-Sep. 08
1Q
5
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