Chilean peso's precipitious fall is 'desirable', says Vergara
Currency has fallen 17% against the dollar in past year
The depreciation of the Chilean peso – around 17% against the dollar from a year ago – is desirable "since it means an adjustment of relative prices and thus contributes to rebalance the sources of growth across economic sectors," Central Bank of Chile governor Rodrigo Vergara said in a keynote address at the International Institute of Finance's Latin America Economic Forum in Bahia, Brazil this weekend.
"When we had more rigid exchange rate systems, less adapted to cope with external shocks… we
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