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LatinNews Daily - 25 September 2020
In brief: Chile’s central bank lifts pension payment mitigation measures
*Chile’s central bank (BCCh) has announced that, as of 5 October, it will suspend some of the measures that it had implemented to mitigate the impact of individuals withdrawing up to 10% of their mandatory pension savings. These measures – a “special programme for the purchase of term deposits” and a plan for cash purchase operations – were adopted on 30 July to mitigate the “volatility of the markets” which might have resulted from the significant changes in the pension funds’ portfolios, and will now be adjusted by the BCCh as “most of the liquidation of assets associated with the withdrawal of up to 10% of pension funds has already materialised”. As of yesterday (24 September), Chile’s superintendency of pensions reported that 82.4% of affiliates (over 9.6m people) of the privately-managed pension system have withdrawn part of their pensions, at an average withdrawal of Cl$1.3m (US$1,660) per person, amounting to a total US$15bn in payouts.
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- In brief: Chile’s central bank lifts pension payment mitigation measures