We don’t have all the information. We have the first effort coming from Minister Haddad to reduce the deficit. So this was a positive message to the market, that the deficit is very important for the government and they will pursue to reduce the deficit for 2023 and so. We have a huge discussions about the goals and the inflation target. I think it’s an unnecessary noise. So my view is that they have to define as soon as possible the new inflation target and work on that because, otherwise, there is an impact on the prospective inflation, the expectations are going up. So only because of the noise. And this has, of course, an impact in the interest rate curve. And the most relevant information, from my view, and I think the whole market is expecting, is the new fiscal framework that we should understand a little bit more by the end of April.
This is what Minister Haddad has been telling the market. So I would say yes, there is noise. Yes, we’ve been hearing the discussions. But we have to understand that we are in a democracy, it’s part of the process to have some noise. The most relevant things is that whenever we have new decisions coming from the government and new efforts coming from the financial team, we will have more information to forecast looking forward. But there is a lot of uncertainty. And this uncertainty, yes, it changes the way we manage the bank. So we have been more conservative, yes. We have a prudential approach, yes. We don’t have all the information. So it’s difficult to forecast. As much noise you have, as less confident we believe we have to be in running our businesses.
So, there is a guidance, there is these inputs that we consider on the macroeconomic scenario, the GDP, we may have something around 1.3, 1.4 for 2023. This is something that may have a positive impact. But again, there is a lot of challenges and a lot of noise. And this, of course, makes price not only in the financial market, in the system, but in our decisions. So we expect that this noise starts to reduce at some point, especially if we take out the most relevant decisions that should be taken to take this noise of the yield curve. So this is our best expectations. And we have to wait and see what will be the message and decisions that will arise in the coming months. But, yes, we are more conservative and more cautious with the current scenario.
Renato Lulia: From Santander, Arnon Shirazi.
Arnon Shirazi: First, I wanted to thank you for the 2022 results. Excellent. I wanted to know about bank’s investments specifically. What do you expect for 2023? What is the outlook? Were you expecting to invest more heavily? And once again, congratulations on the wonderful results.
Milton Maluhy Filho: We’re quite satisfied with how our business has been developing, specifically investments. We did our homework, we made the right decisions. We made the right investments. So when we look at maturity, this is three months, six months, depending on the investment, depending on where we’re located, where we’re investing. We’ve got B2C, over 2,000 employees focusing on this, with great new platform, great tools. If we look at the platform and all the different products, our products are excellent. It’s a very open platform with tons of funds, including third party funds. We also have product solutions that are very specific, that are specific to different customers. This allows us to understand and work through the cycles.