Velasco: "Chile is not completely immune to the financial crisis"

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SANTIAGO.- The Minister of Finance, Andrés Velasco, stated today that the Chilean economy is not totally immune to the international financial crisis, although we do have many considerable advantages.

"It is not right, or satisfactory (...) to say that Chile is totally and completely immune, because it isn't", Velasco stated during a seminar.

But, "Chile has showed that it has strengths", the minister added.

On another note, Velasco indicated that the real exchange rate in Chile is more competitive following the peso's recent depreciation against the dollar.

"The real exchange rate in Chile is significantly more competitive (...), so we are entering into this slower international economic cycle with a more competitive real exchange rate", declared Velasco.

It is "good news for our exporters", Velasco added while addressing the media.