Chile expands dollar holdings, central bank annual report shows
Central bank of Chile cuts allocation of reserves in euro, Canadian and Australian dollars
The Central Bank of Chile increased its dollar holdings by 74% in 2015, according to its latest annual report, published on June 7.
The bank shifted more of its reserves into US dollars in 2015, notes the report.
At the end of 2015, it had 63.7% of its reserves invested in dollars, up from 53.4% a year previously. The allocations in the euro, Australian and Canadian dollars all fell. In the latter case from 7.6% to 4.8%.
At the end of the year, the central bank's reserves totalled $38.64 billion. This was around $1.8 billion less than at the end of 2014. "The drop is mainly explained by the depreciation of all the currencies in which the international reserves are invested against the US dollar," the report noted.
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