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Original article: Banco Central de Chile: la estrategia tras las operaciones que impactarán el dólar desde el 23 al 27 de marzo de 2026

While public attention often focuses on inflation or interest rates, the Central Bank of Chile is implementing a decisive strategy through its daily interventions in financial markets. For the week of March 23 to 27, 2026, the institution announced a series of operations that, although technical, have direct effects on the dollar, credit, and the cost of living.

By Bruno Sommer

A Delicate Balance: Intervening Without Intervening

At first glance, the program may not seem extraordinary. There are no emergency announcements or drastic measures. However, the Central Bank is executing a policy of fine-tuning, aiming to control two key variables simultaneously:

• The stability of the dollar
• The amount of money in circulation

On one side, the Central Bank will auction US$ 629 million in forward dollar sales, mostly renewals of previous operations.

This does not mean a direct sale of reserves today, but rather a signal to the market that the Central Bank is present and ready to act if the exchange rate becomes disorderly. In simple terms, the goal is to prevent dollar volatility without aggressive intervention.

Dollar Purchases: Injecting Liquidity During Adjustment Periods

In parallel, the Central Bank will buy up to US$ 125 million in the spot market throughout the week.

This operation has a clear effect, as it injects pesos into the financial system.

In a context where financial conditions remain restrictive, this signal aims to prevent an excessive contraction of available money that could negatively impact credit and economic activity.

However, this injection is neither free nor uncontrolled. Simultaneously, the entity will issue $14.4 trillion in short-term promissory notes (PDBC), absorbing liquidity from the market.

This action serves a crucial function:

• Preventing excess money from putting pressure on inflation
• Keeping interest rates aligned

In other words, while it injects resources on one hand, it simultaneously withdraws them, almost calibrating the system with precision.

What Underlies This Strategy?

The implicit message from the Central Bank is clear: Chile is still in a phase of economic transition, where risks still persist.

• Global dollar volatility
• Inflation that, while being controlled, remains a concern
• Financial conditions that are not yet fully expansive

In response, the authority opts for a policy of indirect intervention, avoiding drastic measures that could create uncertainty.

Although these decisions rarely make it to major headlines, their effects are concrete:

• More stable dollar, influencing fuel prices, imported goods, and technology
• Less volatile credit, crucial for businesses and individuals
• Containment of inflation, though without abrupt declines in the short term

Historically, the Central Bank of Chile has tended to operate in sync – though not automatically – with the monetary policy cycles of the Federal Reserve of the United States. When the Fed tightens its stance by raising interest rates, Chile has responded in kind, sometimes even preemptively, or moderating its cuts. Similarly, during periods of monetary relaxation in the United States, the Chilean Central Bank has found greater space to cut rates without causing significant financial imbalances.

This relationship raises questions for some experts regarding its true autonomy in adapting structurally to the reality of an open economy that is highly integrated into global markets. In practice, the Fed sets international financial conditions – such as the cost of credit and the strength of the dollar – which limit local maneuverability. There is a historical pattern where Chile adjusts its monetary policy based on the external scenario, confirming that, to a large extent, the decisions of the Central Bank are made within the framework defined by U.S. economic policy.

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