COP – USDCOP dropped for the first half of the session to a low of 4,725.25 and made a round trip back to its open around 4,770 level. Flow wise, our local traders saw some Real Money inflow interests in small while Corps are staying quiet. Board Member Taboada commented in an interview that Banrep is close to the end of the hiking cycle and inflation should be nearing its peak, but higher rates will likely be needed. Work Minister Gloria Ines Ramirez said details are being finalized to present the Labor Reform to Congress on March 16th. She added that the focus of the proposal will be to strengthen protection for workers’ rights, with emphasis on labor stability, permanent contracts, fair compensation and unions.