Economist see skeptics that the exchange intervention program and preventive provision of liquidity of the Central Bank continue to slow down the rise of the dollar, which in recent weeks has reached a historical peak of 1,060 pesos.
The program, which will officially be implemented starting this Monday, seeks to intervene with an amount of up to 25 billion dollars, in order to facilitate the adjustment of the Chilean economy with the sale of dollars through different markets. After the announcement, this Friday the dollar just opened lower, standing at 992 pesos.
What is expected for the next few days? The economist and academic of the Faculty of Economics and Business of the University of Talca Rodrigo Saenz indicated that “there is a schedule for the sale of currency, there is a sale in the spotthere is sale in the market forwardin the futures market, of 10 billion dollars in each of those markets. This program is already internalized in the price, so the greatest effect has already occurred“.
“What happens to the dollar in the future will continue to be influenced by the international and domestic scenarios“, he added.
While the economist and academic from the University of Santiago Marcela Vera noted that “one easily projects that it won’t last for longIn short, this type of foreign exchange intervention policies have to be accompanied, given the context we have, with other mechanisms where capital outflows are discouraged”.
“Because otherwise what happens -he continued- is that then the investors, the speculators, buy this currency at a cheaper price product of the intervention of the Central Bank, and then when these interventions end, they leave the Chilean market”.
Finally, from the Congress they evaluate the possibility of invite the president of the Central Bank, Rossana Costa, to the Finance Commission of the lower house. Deputy Jaime Naranjo (PS), who presides over said instance, argued that they want to “listen to her so that she explains to us how she is going to face this situation of international crisis that the price of the dollar is experiencing.”
This is because the tools “that the Central Bank is having are quite limited, so we can enter a scenario where practically no matter how willing the Central Bank is to act, it will be quite limited in its actions“, limited the parliamentarian.