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The President of the Central Bank (BC), Mario Marcel referred to Article IV of the International Monetary Fund (IMF), which dealt with the Chilean reality.
"The findings of the IMF's report on the current situation and prospects for the Chilean economy are in line with the Bank's vision, reflected in its latest report and in the minutes of the MOP. October " said Marcel.
"The recovery in growth has made significant progress, which, as it fills out its activity gaps, will adapt to the long-term growth potential and increase the rate of growth. 39, inflation " said the president of British Columbia.
] "This will allow the Central Bank to withdraw monetary stimulus in order to ensure that inflation converges towards the political objective.In this respect, the report coincides with recent communications from the Council. from British Columbia on the need for progressive and cautious progress in the monetary normalization process " said the specialist.
Marcel pointed out that "It should be noted the importance that the report attributes to the new general banking law as a legal framework intended to strengthen the solvency of the banking system and to strengthen the macro-policy in Chile."
Similarly, The British leader explained that "the recognition that the report constitutes four very important elements for the policy of the Central Bank is also useful: a) the monetary policy framework for the objectives of the Bank. Medium-term inflation, b) the role of the exchange rate as buffer against external shocks, c) the low foreign exchange exposure and the financial strength of the Chilean business sector, and d) the high credibility of the monetary policy
"All these factors, combined with sound macroeconomic fundamentals, explain the great resilience of the Chilean economy. external turbulence, which is also mentioned in the report. He also underlined his badessment of recent improvements to the Central Bank's monetary policy formulation and communication framework. " said Marcel.
The President of British Columbia pointed out that" there is no such thing as ". " it is important to consider the outstanding challenges of financial legislation beyond the LGB mentioned by the IMF, including the strengthening of the bank resolution and deposit guarantee regime, the coordination between the supervisory authorities, the implementation of in place of a unified credit register and Conglomerate supervision. "
" These are problems that need to be solved once the first steps in the implementation of the LGB have been completed and which must be considerably advanced when conducting the badessment of the financial system (FSAP). , agreed between the authorities and the IMF for 2020 " said Marcel.
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