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Marcel At Davos, Senate Approves Soto As New BCCh Board Member

CHILE
  • Yesterday, the Senate approved the appointment of Claudio Soto as a new board member to replace Pablo Garcia. As a reminder, Soto will join the central bank from Banco Santander, where they held the post of Chile’s chief economist. Meanwhile, La Tercera reported that the government had presented a bill to the Senate seeking to unfreeze electricity prices and establish a formula to pay debt owed to power generation companies. Prices could rise by between 8% and 88% for households, according to the National Energy Commission.
  • Later today, Finance Minister Marcel, alongside Peru’s central bank governor Velarde, is due to participate in a panel on Latin America at Davos.
  • Separately, in a note from LarrainVial, analysts suggested the S&P IPSA is expected to hit 7,200 in the coming 12 months, predicting a rise of about 19% from current levels. While noting the stock market’s superior liquidity to regional peers, they said Chilean stocks offer compelling valuations and will benefit from monetary easing, which could result in a recovery led by private consumption.
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