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CHILE

Author(s):
International Monetary Fund. Western Hemisphere Dept.
Published Date:
December 2016
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Fund Relations

(As of April 30, 2015)

Membership Status
Joined: December 31, 1945; Article VIII
General Resources AccountSDR MillionPercent Quota
Quota856.10100.00
Fund holdings of currency726.0884.81
Reserve Tranche Position130.0215.19
Lending to the Fund
New Arrangements to Borrow138.78
Percent
SDR DepartmentSDR MillionAllocation
Net cumulative allocation816.89100.00
Holdings745.0391.20
Outstanding Purchases and Loans
None
Latest Financial Arrangements
TypeDate of ArrangementExpiration DateAmount Approved (SDR Million)Amount Drawn (SDR Million)
Stand-ByNov 8, 1989Nov 7, 199064.0064.00
EFFAug 15, 1985Aug 14, 1989825.00806.25
Stand-ByJan 10, 1983Jan 9, 1985500.00500.00
Projected Payments to Fund (in SDR Million)1
Forthcoming
20152016201720182019
Principal
Charges/Interest0.030.050.050.050.05
Total0.030.050.050.050.05

Exchange Rate System

Chile has accepted the obligations of Article VIII, Sections 2, 3, and 4 and maintains an exchange rate system free of restrictions on the making of payments and transfers for current international transactions. Chile has a floating exchange rate system.

Statistical Issues

(As of July 1, 2015)

Assessment of Data Adequacy for Surveillance

General: Data provision is adequate for surveillance. The National Institute of Statistics (INE) regularly publishes a full range of economic and financial data. The Central Bank of Chile (CBC) also publishes comprehensive macroeconomic and financial data. The Ministry of Finance publishes fiscal data.

Key publicly accessible websites for macroeconomic data and analysis are:

National Institute of Statistics: http://www.ine.cl/

Central Bank of Chile: http://www.bcentral.cl/

Ministry of Finance: http://www.minhda.cl/

Recent Developments: The Central Bank started to publish housing real estate price data in 2014, and a new series on external debt at market values in 2015 which allows better monitoring and identification of risks. The National Institute of Statistics (INE) has revised the basket and methodology of the Consumer Price Index (CPI) including to address some limitations in the clothing sub-index.

Data Standards and Quality
Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since May 17, 1996. In coordination with STA, Chile is in the process to gain adherence to SDSS plus.A data ROSC was published September 17, 2007.
Reporting to STA (Optional)

The CBC uses the standardized report forms (SRFs) to report monthly data for the central bank, other depository corporations (ODCs), other financial corporations (OFCs), and monetary aggregates. However, data for the ODCs exclude savings and credit cooperatives and OFCs exclude investment funds, general funds, housing funds, foreign capital investment funds, factoring societies, leasing companies, and financial auxiliaries.

The CBC reports all core and 7 of 28 encouraged financial soundness indicators on a monthly basis.

Chile: Table of Common Indicators Required for Surveillance(As of July 1, 2015)
Date of Latest ObservationDate ReceivedFrequency of Data6Frequency of Reporting6Frequency of Publication6Memo items7:
Data Quality -Methodological Soundness8Data Quality Accuracy and Reliability9
Exchange RatesJuly 1, 2015July 1, 2015DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1June 15, 2015June 23, 2015WWW
Reserve/Base MoneyJune 15, 2015June 23, 2015WWWO, O, LO, OO, O, O, LO, O
Broad MoneyMay 2015June 2015MMM
Central Bank Balance SheetJanuary 2014March 2014MMM
Consolidated Balance Sheet of the Banking SystemJanuary 2014March 2014MMM
Interest Rates2July 1, 2015July 1, 2015DDD
Consumer Price IndexMay 2015June 8, 2015MMMLO, LNO, LNO, LOLO, LO, LO, O, LO
Revenue, Expenditure, Balance and Composition of Financing3 -General Government42014June 30, 2015AAAO, LO, LNO, LOLO, O, O, LO, O
Revenue, Expenditure, Balance and Composition of Financing3-Central GovernmentMay 2015June 30, 2015MMM
Stocks of Central Government and Central Government -Guaranteed Debt5Q1 2015June 30, 2015QQQ
External Current Account BalanceQ1 2015May 18, 2015QQQO, O, LO, LOO, O, O, O, O
Exports and Imports of GoodsJune 30, 2015June 23, 2014MMM
GDP/GNPQ1 2015May 18, 2015QQQO, LO, LO, LOLO, LO, LO, LO, O
Gross External DebtMarch 2015May 7 , 2015MMM
International Investment Position10Q1 2015May 18, 2015QQQ
1/

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

2/

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

3/

Foreign, domestic bank, and domestic nonbank financing.

4/

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

5/

Including currency and maturity composition.

6/

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

7/

Reflects the assessment provided in the data ROSC, (published September 17, 2007 and based on the findings of the mission that took place during April 18-May2, 2007) for the dataset corresponding to the variable in Each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

8/

Same as footnote 7, except referring to international standards concerning source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

9/

Same as footnote 8, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.

10/

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

1/

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

2/

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

3/

Foreign, domestic bank, and domestic nonbank financing.

4/

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

5/

Including currency and maturity composition.

6/

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

7/

Reflects the assessment provided in the data ROSC, (published September 17, 2007 and based on the findings of the mission that took place during April 18-May2, 2007) for the dataset corresponding to the variable in Each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

8/

Same as footnote 7, except referring to international standards concerning source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

9/

Same as footnote 8, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.

10/

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

World Bank—Fund Country-Level Work Program under JMAP

TitleProductsExpected Delivery Date*
1. Bank work programA. Investment Loans

1. Chile 2nd Social Inclusion for Shared Prosperity DPL (P158738)

2. Chile - Health Sector Support Project (P161018)
July 2017

July 2017
B. Technical Assistance

1. Technical Assistance for Geothermal Development in Chile
October 2016
C. Recipient Executed Trust Fund

1. Sustainable Land Management-GEF (P085621)
September 2014

Delivery date refers to the Board date in lending projects, to delivery to client in case of AAA and to Grant effective date in case of RETF. Technical assistance includes Reimbursable Advisory Services (RAS).

Delivery date refers to the Board date in lending projects, to delivery to client in case of AAA and to Grant effective date in case of RETF. Technical assistance includes Reimbursable Advisory Services (RAS).

1

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

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