On December 19, the Executive branch set up a public-private working group that will draw up new strategies to position Chile as a regional financial hub. The group will be composed of the Ministry of Finance, the Superintendency of Banks, the Internal Revenue Service, the Central Bank and, from the private sector, representatives of the Advisory Council for the Capital Market. They will design policies to promote foreign transactions in domestic markets. Also they will encourage the internationalization of the Chilean peso for contracts of this type. They will begin to work in January, with a view to presenting initial recommendations by mid-2019.
The working group will evaluate and design measures to position Chile as an exporter of financial services at the regional level. In this sense, they will seek to establish the Chilean peso as a regional exchange currency, with a view to promoting its internationalization worldwide in the medium term. They will also seek to facilitate registration and placement mechanisms so that foreign issuers can trade financial assets in the Chilean market and ensure that a greater number of international transactions take place in the country.
Finance Minister Felipe Larraín, who will coordinate the working group, noted that the objective is to position the country as one of the “most outstanding International Financial Centers”. That is why the working group will serve to “clear barriers and remove restrictions” that prevent Chile from achieving its objective of positioning itself as an “exporter of financial services at the regional level”.