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Regulators Working On Bank Rules In Event Of Crisis

CHILE
  • The Chilean peso posted its biggest drop against the greenback in six months as the turmoil at Credit Suisse added to concern over the stability of the global banking system on Wednesday. The associated flight to safety also heavily weighed on Copper prices, providing an additional CLP headwind. USDCLP rose as much as 3.5% intra-day on Wednesday to print highs of 828.78 before paring some gains into the close.
  • Finance Minister Mario Marcel spoke on Wednesday and highlighted that Chile’s regulators are working on rules for banks in the event of severe financial troubles. Marcel added that the slowdown in the nation was more gradual than had been expected.
    • The finance minister went on to express that investment has evolved more favorably than expected and the outlook for Chile’s current account gap has improved due to trade balance figures.
    • With local uncertainty has easing, Chile inflation expectations are coming down and consumer price increases will be back in single digits in April or May, Marcel said.
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