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Fin Min Reassures Markets, Sees Further Action On CLP Not Necessary

CHILE
  • The central bank’s intervention was very timely and it’s proving pretty effective as the peso has gained and interest rates have fallen, Chile’s Finance Minister Mario Marcel said in an interview with Bloomberg TV.
  • Markets saw the central bank acting at a time when the signals were pretty clear that volatility was rising beyond what might have been justified.
  • Marcel said he doesn’t think that further action will be necessary but of course that is something for the central bank to decide.
  • The BCCh will sell $200m in the spot market and $500m in forwards and will buy $300m in swaps as part of its intervention program.
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