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Increased Hacienda USD Sales Bolsters Peso To 3-Week High

CHILE
  • USDCLP had a very strong move lower late on Thursday as the finance ministry announced the new schedule for USD sales heading into year-end 2023. Hacienda have now set a maximum estimate of $2 billion to sell per month between September-December, with a daily maximum amount of $150 million.
    • This compares with previous communication that for the period from July to September, dollar sales of up to US$1 billion per month were estimated with a daily maximum of up to $100 million.
  • After initially opening around 860, USDCLP traded as low as 842.80 and closed just above these levels. With traders noting that the CLP spot market negotiates roughly $1.5-$2b daily, the increased Hacienda supply may continue to offset the recent negative sentiment seen for the Peso since the larger than expected BCCh rate cut in late July.
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