Central Exchange

Additionally, the weak internal context clears to him of a significant way, to be able to the exchange channel. In relation to the exchange question, the fort cut of rates and the continuity of this direction in the monetary policy, increase the perspective of depreciation of the Chilean peso, which could bring negative consequences in inflationary matter. Until the moment, it is not being reflected this behavior in the exchange market but quite the opposite, the Chilean peso closed in the day of Friday and after a strong rise, in its greater level of last the four months in relation to the dollar when interchanging in $ 578.5 by dollar the selling end. This behavior of the type of change obeys to a sobresupply of dollars in the market since a change of portfolio on the part of the investors exists who are taking positions in instruments from fixed rent. Despite the behavior observed in the type of change, the probabilities that the same returns its footpath of depreciation, will be increased in as much and as soon as they do not improve the perspective of growth of the Chilean economy. Additionally, the expectation of the market of new cuts of rates would negatively affect the value of the Chilean peso.

The weakness mentioned in the transmission channels of the monetary policy jointly with I leave behind that it has his to drive to affect the real economy, cause that a minimum result in the short term of the decision is expected to trim the rate. The improvement in the economic perspective of Chile, is immediately then, into the hands of which it is possible to be obtained with the package of economic stimulus. The scene that appears like more probable in the Chilean economy is that the effects of the fiscal policy (and something of the monetary policy) on the economic recovery, begin to be observed towards half of year. Until arriving at the reversion in the economic deceleration, one will be due to work in maintaining the stability exchange (until it perhaps must take part the Central bank since it had made it the year spent to avoid the continuity in the appreciation of the weight) and handling the expectations of the market avoiding that the same generates behaviors destabilizing. By the side of the Central bank, before continuing trimming its interest rate of reference, the most effective option will be to work in obtaining that the banking system generates financing. The fortification of the transmission channels of monetary policy and new cuts, is not the key so that the same helps the economic recovery. The Chilean economy must surpass these months maintaining the stability of the economic variables keys. After it, Chile will be able to begin to recover, at least partly, its rate of economic growth without majors difficulties.