Operator: Our next question comes from Jim Marrone from Singular Research. Thank you for the presentation. Good quarter. Can you please share what your interest rate expectations are for 2024 in the Latin American markets and what impact it will have on the business given your current exposures? Thank you.
Jorge Salas: Thank you. I’ll pass this question to Samuel Canineu, our Chief Commercial Officer.
Samuel Canineu: Hi, all. Yes, I think my answer would be, we’ve seen Latin American countries, on average, increasing rates, local rates faster and bigger amounts than the U.S. So it’s naturally natural for them to start lowering earlier and as we’re noticing in some of those countries. Of course, that could, in theory, make the local markets more attractive to the dollar market, so it could affect we are predominantly a dollar lender, could affect our — the demand for our loans. However, we’re not really seeing yet, let’s say, a material impact in that regard. And now take advantage to also mention that we are — this is something that always happens in the LatAm market for its history, and we’re preparing ourselves to be able to take advantage of it as well.
I think recently, you saw the launch of our factoring program in Chile with Toesca and Greenbridge Partners that allow us to take advantage of a more attractive local market in case of that Chile that we’re doing synthetically. And as you know, we’ve been quite active issuer in the Mexican market. So we are able to also land in local currency and take advantage of those market movements in the main countries that we operate. Thank you.
Jorge Salas: Thank you, Sam.
Operator: Our next question comes from William Highs from Voleco [ph]. Congratulations to entire team. You knock the cover off the ball. These are historic earnings. This year clearly evidence that value of establishment objectives and sticking to exact the plan. Two quick questions. Why only $15 million buyback, do expecting to remain at current levels? Thank you.
Jorge Salas: To make sure, whether two questions are. Thank you. One is why only $50 million for the buyback? Second question is, do we expect the net…
Operator: Yes, that’s it.
Jorge Salas: Okay. So first question, again, the purpose of the buyback program is to have the option open to intervene in the market only opportunistically if we feel that the price of the stock is not reflecting the way we’re generating that. Since we made public our plan, the stock has been — we’ve seen a positive trajectory the same way the bank is going. If that happens to change, we want to have the option to intervene and the Board decided that $50 million will be — that will be equivalent, I think yesterday’s price is about to about 5% of market cap. Second question regarding net interest margin. The short answer is yes. In our guidance for 2024, we are projecting that net interest margin will stay steady at about 2.5%.
Operator: Okay. Thank you very much. That’s all for the questions we have for today. I will pass the line back to the Bladex team for the concluding remarks. Please go ahead, sir.
Jorge Salas: No, I just want to thank everybody for listening to the call, and we expect to have another great year 2024. We’ll talk in April on first quarter results. Thank you so much.
Operator: This does conclude today’s presentation. We thank you all for your participation, and wish you a very good day.
