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Marcel To Receive Mining Royalty Report, BCCh Decision Next Week

CHILE
  • More positive risk sentiment has benefited the Chilean peso at the open on Tuesday, although trend conditions remain firmly in bullish territory for USDCLP. The data calendar is busy ahead of the long weekend, with the BCCh traders survey, unemployment and production data set to cross later this week. This precedes next week’s economic activity data and BCCh rate decision, where analysts appear split as to whether the board will opt for another 100bp cut or choose to dial down the pace of easing.
  • Finance Minister Mario Marcel is set to receive the mining royalty report at 1515GMT/1115ET today.
  • La Tercera reported that the government decided to back down from its original idea that the personal tax increase would start at $3.2 million. Instead, it was agreed that the increase in the personal tax would start at $4.5 million and the proposal will go to congress next week. Separately, La Tercera also said that deputies anticipate there are not enough votes today to approve a new withdrawal from the AFPs.
  • El Mercurio have noted that state-owned copper mining company Codelco is forecast to transfer $1.39 billion to state in 2024.

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