Chile: Chilean peso weakens in August
September 1, 2011
On 31 August, the Chilean peso (CLP) traded at 465.66 per USD, which represents a 2.1% nominal depreciation over the 455.94 CLP per USD tallied on the last day of July. However, the peso has experienced a 7.2% appreciation in nominal terms against the U.S. dollar compared to the same day last year. On 29 August, Chile's Central Bank purchased USD 50 million at an average rate of CLP 464.40 per dollar, as part of its ongoing USD 12 billion currency-intervention program. Moreover, on 5 September, the Bank purchased an additional USD 50 million, at an average CLP 462.04 per dollar. So far, the programme has accumulated USD 8.70 billion. The programme aims to pin down the strengthening peso and offset spill-over effects from the metal industry, as high copper prices play an important role in the currency's appreciation.