Chilean Peso Hits Nine-Month High on Foreign-Exchange Selling Plan
A Chilean government plan is likely to continue to push the national currency up, as it will sell $40 million daily in the
The Chilean government affirmed in June 15 that a plan for economic stimulus will sell $4 billion dollars in $40 million allotments, as an effort to increase the influx of international assets to the South American economy. The current $4 billion program will follow a previous one which started in March offering daily $50 million in the forex markets. The Chilean peso has been favored since the global slump eased in the beginning of April, which resulted in a risk appetite rally for
Economists agree that the Chilean government dollar sell plan is the main factor weighing positively to the national currency, it is likely that as long as plans like this will follow, investors will be confident enough to maintain the Chilean peso at high levels or even increase its gains.
USD/CLP traded at 538.85 as of 12:24 GMT rising from yesterday’s rate of 551.26.
If you want to comment on the Chilean peso’s recent action or have any questions regarding this currency, please, feel free to reply below.
Earlier News About the Chilean Peso:
- Chilean Peso Strengthens on Central Bank Policy Bets (2009-05-01)
- Chilean Peso Strengthens on Dollar Weakness (2008-12-16)
- Chilean Peso is the Worst Performing Currency (2008-07-19)
- Chilean Peso Drops as Risk Aversion Grows (2008-06-11)
- Chile to Buy U.S. Dollars to Weaken Peso (2008-04-11)