José De Gregorio: Decision to intervene is investment in economic stability

SANTIAGO. -  The president of the Central Bank, José De Gregorio, said today that the entity’s decision to intervene in the exchange market is an “investment in stability” for the economy.

De Gregorio added that he considers that the decision to invest was made at the right time since the exchange rate is currently much lower than expected.

Nevertheless, the head of the Central Bank assured that the value of the dollar will continue to be determined by the market and made it clear that the Central Bank is not looking to set a specific price for the U.S. currency.

While referring to the dollar’s sharp increase this morning, De Gregorio explained that the reaction is to be expected after an announcement of this nature is made.

When asked if one of the reasons the Central Bank had chosen to intervene was related to the negative impact of the weak dollar on the export sector, De Gregorio responded, “all of the decisions we have made were due to national interests, not the interests of individual sectors”. 

The Central Bank president also stated that the decision to intervene was unanimous and that the determination was not influenced by political pressure.