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Boric On Tax reform, Activity Data Due

CHILE
  • Tuesday’s session saw pressure on LatAm currencies amid the recovering greenback and downward trajectory for major equity benchmarks. Despite this, the Chilean peso showed strong resilience and was close to unchanged for the session following the news overnight on Monday that the IMF approved an $18.5 Billion credit line for Chile.
  • President Gabriel Boric said in a speech late Tuesday that any changes in the country's tax law that would affect the mining sector are still up for discussion, with a vote scheduled in Congress in coming weeks.
    • Boric said the industry had been historically unwilling to reach agreements with the government, and he hoped to have a "technically sound debate" regarding a mining tax reform plan currently on the table. (Mining Weekly)
  • Chile reports copper production for July among other activity data at 1400BST/0900ET:
    • July Chile Copper Production, prior 462,172t
    • July Commercial Activity YoY, prior -5.3%
    • July Industrial Production YoY, est. -1.2%, prior -1.5%
    • July Retail Sales YoY, est. -9.5%, prior -6.1%
    • July Manufacturing Production YoY, est. -1.8%, prior -2.5%

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