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are based on the comparison of expected yields on OFZ-IN and nominal OFZ (OFZ-PD), taking into 9 account the lag in the nominal value indexation

6 6.15 4 2 0 2020 2021 2022 2023 2024 10-year OFZ yields MLs MLs under SCPAs MLs net of MLs under SCPAs Loans

Q2–Q3, amid disinflation and the start of the key rate reduction, OFZ and corporate bond yields were both declining for the most part of

1Y 15.73% 15.48% 2Y OFZ 14.78% 14.19% 5Y OFZ 15.13% 14.81% 10Y OFZ 14.93% 14.44% Banks’ interest

conditions have somewhat eased overall, though remaining tight. Money market rates and OFZ yields went down. Lending rates slightly decreased and almost fully adjusted to

October. This re- flects expectations of a gradual monetary easing and successful OFZ placements by the Finance Ministry. Equity markets were directionless, primarily responding to

15,720 16,243 14,720 8,995 11,446 12,669 OFZ 16,537 15,720 16,243 14,720 8,995 11,446

one-month repos and one-year repos (on auction results) are Federal Loan Bonds (OFZ) and also regional and municipal bonds which have at least two credit

financial market instruments. Foreign currency instruments, including cryptocurrencies, showed the worst results. OFZ yields declined, most significantly at the far end of the curve. This