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Constitutional Convention Votes On Central Bank Article, Mining

CHILE
  • Chile’s Constitutional Convention passed a proposal telling the country’s central bank to consider additional factors when deciding its monetary policy, adding a layer of difficulty to the authority’s mandate.
    • The approved article says that in order to fulfil its objectives, Chile’s Central Bank must consider financial stability, exchange rate volatility, job protection, care for the environment and natural heritage. (BBG)
  • Major copper producers will likely avoid drastic changes in the way they do business in Chile as the constitutional convention wrapped up deliberations on mining proposals.
    • In a floor vote on Saturday, a plan to replace the nation’s investor-friendly concession model with a system of temporary and revocable permits fell short of the two-thirds threshold needed to be included in the final document that will be put to a referendum on Sept. 4. (Bloomberg)
  • For reference, starting on May 17, a committee will begin to proof-read the charter for any contradictions or errors. Another body will start to write a preamble with the aim of introducing the document’s main principles, while a third group will vote on articles governing the transition period to the new constitution.
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