Central Bank purchases US$50 million at an average price of 472.50 pesos

SANTIAGO.- Chile’s Central Bank bought US$50 million at competitive auction on Friday held as part of a reserve acquisition program aimed at purchasing a total of US$ 8 billion throughout the rest of the year, prompting a depreciation of the Chilean currency.

The Central Bank made the purchase at an average price of $472.50 CLP per dollar, with a maximum value of $472.60 and a minimum value of $472.32 CLP per dollar. Offers for US$86 million were received at the auction.

The financial entity has decided to intervene in the exchange market in order to strengthen Chile’s international liquidity position amid the current credit crisis in the United States, at a time when appreciation had propelled the peso to levels similar to those seen over a decade ago.