Chile Monetary Policy


Central Bank maintains intervention program despite weakening peso

On 30 September, the Chilean peso (CLP) traded at 515.1 per USD, which represents a 9.6% nominal depreciation over the 465.7 CLP per USD recorded on the last day of August. Moreover, the peso depreciated 5.8% in nominal terms against the U.S. dollar compared to the same day last year. On 4 September, Central Bank Board Member Sebastian Claro stated that monetary authorities did not deem it necessary to end the dollar-purchasing program despite the peso's sharp weakening in recent weeks. On the same day, Chile's Central Bank purchased USD 50 million, as part of its ongoing USD 12 billion currency-intervention program, accumulating USD 9.55 billion so far this year. The program was conceived to pin down the strengthening peso and offset spill-over effects from the metal industry, as copper prices play an important role in the currency's appreciation.


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