On January 9, the Central Bank of Chile (BCCh, for its acronym in Spanish) published a circular modifying the Compendium of Financial Standards and other regulatory provisions with the objective of establishing a Real Time Gross Settlement (RTGS) System in Dollars as an integral part of the Central Bank of Chile’s RTGS System.

The idea was to update the RTGS regulations and include a sub-system in dollars (RTGS USD), for the real time gross settlement of fund transfer operations in dollars made by participants which will operate independently from the RTGS System in National Currency (RTGS MN). 

It should be noted that one of the main differences between these two RTGS Systems is that the Central Bank will not grant liquidity facilities or financing in dollars, where as the extension of liquidity facilities is part of the normal functioning of the RTGS MN system.