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Finance Minister Says Currency Crisis Risk Is Low

CHILE
  • USDCLP fell another 3% on Monday as traders continue to react to the central bank’s intervention program.
    • As previously outlined, the central bank will sell $200m in the spot market and will buy $300m in swaps as part of its $25b intervention program to stabilize the currency.
  • Overnight, BCCh President Costa noted Chile’s labor participation hasn’t fully recovered and is still lagging, in a presentation in New York.
    • The central bank’s first and foremost future challenge is returning Chile’s inflation to target.
    • Second challenge is the replenishment of the hard-earned buffers used to fight that pandemic.
    • The country’s long-term savings pool is another challenge, as well as the recovery of productivity growth and of labor force participation.
  • Additionally, finance minister Marcel said the recent weakness of the Chilean peso has more to do with market factors and is not a sign of distrust in the Chilean economy as the country’s currency risk exposure is low.
    • “The depreciation of the Chilean currency is not a result of capital outflows or capital flight”.
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