The Coopeuch savings and credit cooperative organized its first seminar to disseminate the Financial Stability Report (IEF) of the Central Bank, corresponding to the second semester of this year, in which the counselor of the issuing institute, Pablo Garcia.
The president of Coopeuch, Siria Jeldes, highlighted the importance of holding this event for the cooperative. “It is an honor for our cooperative to carry out this activity in which we will learn about a highly relevant report for our financial system, especially since it is released at a particularly important time when there have been structural changes in the capital market. For Coopeuch, developing this meeting also has the purpose of contributing to continue bringing the Central Bank closer to the citizenry, and by the way to our more than one million cooperative members who are part of it”, he said.
Meanwhile, the general manager of Coopeuch, Rodrigo Silva, highlighted the importance of the report prepared by the Central Bank: "The IEF is an important document for the Chilean financial system and for all the actors that make it up, because it gives us a diagnosis of the potential risks that may affect our financial stability, as well as the vulnerabilities that arise and the mitigators that can help reduce them. Therefore, this report constitutes a fundamental document for our management."
During his presentation, García disclosed the main conclusions of the IEF and warned that the main risk for financial stability is that new forced liquidations of financial assets take place that continue to erode the intermediation of resources associated with the capital market and with the greater uncertainty that this will entail.
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“This limits the ability of the financial system, companies, and households to cope with risk events that we can always be subjected to as an economy that is integrated into the world,” he asserted.
Later, he answered questions that Rodrigo Silva asked him and that were asked by the public connected to the activity, referring to various current economic issues, such as rate hikes, inflation, pension fund withdrawals, the increase in the dollar, among others.
Finally, the director of the Central Bank also referred to the importance of the monetary policy carried out by the governing body to take care of the pocket of Chileans. “The Monetary Policy Rate is the main determinant of what will happen to inflation in the next 15 years. (...) For example, if inflation is stabilized at around 3%, it means that the increase in the UF will slow down and, therefore, in the coming years people will have to pay less pesos for their dividends. That directly affects people's pockets," he explained.
To review the activity, you can visit the Coopeuch account on YouTube or through the following link: https://www.youtube.com/watch?v=xYuB-FE_Zds