The spread between official and

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The spread between official and

Fourth week
February 2011

In fact, this spread is at 3.6% and it averages 3.2% so far this month.

These levels of spreads are the highest since the worst of the international crisis in the last quarter of 2008. But now the spread is not related to greater financial stress or with an acceleration of capital outflows. In fact in January capital outflows were at fairly low levels, which we estimate at around US$1,000 million.