Chilean President Sebastián Piñera acknowledged that two million jobs have been lost in a few months as a result of the economic impact of the Covid-19. The figure is equivalent to what was created in the last ten years. Piñera said that recovering those jobs will be one of the government's priorities. He added that the economic recovery plan in Chile involves a major effort equivalent to 11% of the Gross Domestic Product (GDP).
Chile's Central Bank expressed concern about a further withdrawal of pension savings because of the potential long-term impact on the national economy. The bank's president, Mario Marcel, stressed that withdrawing pensions, "in the long term, implies reducing savings, reducing future pensions and adding more fiscal obligations". "We have to be clear that withdrawing pension savings means making liquidity available to members of the system in exchange for reducing their long-term pension assets," he added.
BNP Paribas Arbitrage SA reduced its holdings in Sociedad Química y Minera de Chile S.A. by 74.2% during the 3rd quarter. The fund owned 33,471 shares of the basic materials company’s stock after selling 96,164 shares during the period. BNP Paribas Arbitrage SA’s holdings in Sociedad Química y Minera de Chile were worth $1,085,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Chile is allowing tourism to return in December after being closed for over 8 months. The Ministry of Health made the announcement this week confirming Chile’s official reopening of their borders starting in December. The exact date, while not yet been set in stone, could happen as early as the last week of November, or within the first week of December.
Chile’s monetary providers watchdog CMF introduced to the finance ministry a draft fintech invoice for the securities market. The initiative would deliver crowdfunding platforms – together with different fintechs that function within the securities market sphere – into the regulatory fold. The absence of a regulatory framework has hampered improvement of the sector and created area for potential dangers for customers, CMF stated.