Central Bank buys another $50 million USD at an average value of $457.05 pesos

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SANTIAGO.- The Chilean Central Bank purchased another $50 million USD during the third day of competitive bidding as part of a program to acquire $8 billion dollars in reserves over the course of the rest of the year.

The financial entity made the purchase at an auction with an average value of $457.05 pesos, at a maximum rate of $457.50 and a minimum rate of $456.65 pesos per dollar.

The Central Bank received offers for $70 million USD at today’s auction.

Last week, the Central Bank Council decided to intervene in the exchange market in order to strengthen the international liquidity of the Chilean economy amid the current sub-prime credit crisis in the United States.