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Lower House Rejects Pension Withdrawal Proposals

CHILE
  • Chile’s lower house rejected both proposals for a new round of pension fund withdrawals, adding further drama in what has been a challenging initiation for President Gabriel Boric’s government.
    • Broad legislation that would have cleared the way for as much as $15 billion in drawdowns failed to get the three-fifths support needed to advance.
  • Additionally, a government plan, announced by Fin Min Mario Marcel, proposing a stricter limited withdrawal of pension savings did not receive the simple majority needed to continue in a late-night vote on Monday.
    • The votes represented a test for the new left-wing government at a time when Boric’s approval ratings have slumped on factors including surging inflation and the polarizing process of drafting a new constitution.
  • In the latest central bank traders survey released on Monday, the key rate is predicted to be raised to 8% at the next BCCh meeting and is seen at 8.50% in 3 months, and 8.50% in 6 months.
  • Chile offers peso-denominated Treasury bills maturing in 2023.
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