at the end of 2017 and 2018 and 8.0% at the end of 2019 and 2020. This scenario included FX at BRL3.20/ USD for end-2017, BRL3.30/USD for end-2018, BRL3.40/USD for end-2019 and BRL3.45/USD for end-2020. In this scenario, the passive IPCA forecast fell to 3.2% from 3.8% for 2017 and to 4.3% from 4.5% for 201