Yields on the BMA-PGBI increased by 1 basis points and its value decreased by 0.02% to close at 97.86. As expected, the Central Bank announced its commitment to contain inflation by raising interest rates through its monetary policy statement for period of July-December 2005. Hence, the market was stable and very little activity was witnessed in the fixed income securities.

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Index Statistics               22-July-05    21-July-05       Change
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BMA-PGBI          (Index Value)  97.8635  97.8790  -0.0155  (-0.02%)
Principal Return  (Index Value)  84.4215  84.4613  -0.0399  (-0.05%)
Interest Return    %               15.92%  15.89%   0.0004   (0.23%)
Average Coupon     %             10.4830  10.4824   0.0006   (0.01%)
Average Maturity   %              6.0525   6.0557  -0.0031  (-0.05%)
Average Yield      %              9.0981   9.0875   0.0106   (0.12%)
Average Duration         Value    4.2075   4.2110  -0.0036  (-0.08%)
Average Convexity        Value   28.4397  28.4503  -0.0107  (-0.04%)
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