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Fourth Pension Withdrawal Proposal Moves To Senate Floor

CHILE
  • Chile's Senate Constitution Committee approved the proposal for a fourth-round pension withdrawals that would potentially inject as much as $20 billion into the economy. The vote was 3 to 2 in favour. The bill now moves to the Senate floor, where it is expected to face fierce opposition.
  • Finance minister Rodrigo Cerda trusts more opposition senators will also oppose the bill, considering its potential negative impact.
  • He told Emol TV: "We are talking about higher interest rates and inflation, but also weaker pensions, which is another problem we will need to solve".
  • Central bank President Mario Marcel, recently nominated for a new term, has repeatedly warned that new withdrawals would leave less money for infrastructure projects and mortgage loans, propel inflation and raise financing costs.
  • USDCLP continued its short-term downward trajectory on Tuesday, bringing the pair's pullback to around 1.5% for the week. The 50-day EMA, should act as a technical support, coming in at $796.35.
  • No local data until Friday, where unemployment, retail sales and production data are all due.
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