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Source: Bank for International Settlements

Introduction

Madame President of the Senate Senator Adriana Muñoz, honorable Senators, ladies, and gentlemen:

On behalf of the Board of the Central Bank of Chile I thank you for the invitation to present the report that, according to the Constitutional Organic Law (LOC) of the Central Bank, we must deliver annually to the Senate. In compliance with this obligation, the following presentation includes our vision on recent macroeconomic and financial developments in the Chilean and international economy, as well as their perspectives and implications for the conduct of monetary policy, as contained in our Monetary Policy Report (MP Report) of September 2020.

In addition, there are other matters of institutional relevance, related to the Bank’s performance in achieving the objectives assigned by law, the evolution of its balance sheet and technological development. In the September MP Report, along with a more detailed explanation of the Bank’s balance sheet, you can find a summary of the main decisions adopted by the Board this year to date as well as information on the management of international reserves.

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