Draft Constitution Published: Continuity In Central Bank And Mining

Chile's Constitutional Convention has published the draft of its proposal to replace the current 1980 'Carta Magna.'

• One of the final points of discussion for the convention was the role and autonomy of the central bank. The final draft provides continuity in the banks remit and independence, allaying fears of a radical shakeup of the bank.
  • 'Article 37.- (Art.39 Report) of the Central Bank. The Central Bank is an autonomous body with legal personality and its own assets, of a technical nature, responsible for formulating and conducting monetary policy.'
• In the mining sector a proposal to replace the 'investor-friendly' concession model with a system of 'temporary and revocable permits' fell short of the two-thirds majority required for inclusion in the final draft.
• The proposed constitution will be put to a referendum on September 4 with early polls suggesting that Chilean voters are likely to vote against the change.
• The full draft can be viewed here: https://docs.google.com/document/d/1NjyabV6mfS4CAI...