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Finance Minister Reiterates Criticism Of Further Pension Withdrawals

CHILE
  • Finance Minister Cerda has reiterated the government's preference of keeping pension savings untouched as it tries to move forward with its own pension reform bill.
    • "It seems very important to us to protect the savings of Chileans in the medium term because it is their source of pension," Cerda told reporters.
    • August Imacec shows economy is recovering -- Chile must normalize fiscal policy and withdraw temporary aid to keep the economy from overheating and inflation speeding up; the same goes with the pension withdrawals, he added.
    • For reference, presidential candidate Sebastian Sichel said Thursday he would favour allowing people to withdraw all funds from their accounts if a fourth pension withdrawal is approved by Congress.
  • Focus this week will be on trade balance figures and CPI data due Friday where annual CPI is expected to rise to 4.9%.
  • USDCLP bull trend remains firmly intact. . The focus is on 825.13, Jun 19 high, following the breach of 806.84 last week, 61.8% retracement of the Mar '20 - May '21 bear cycle.
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