Chilean President Sebastian Piñera said this week that he is “very concerned” about the peso’s appreciation, but said there are no plans to copy Brazil’s tax on foreign capital investment, Reuters reported.

“We are very much concerned,” Piñera told reporters in London, according to Reuters. “Of course we are worried because the peso has appreciated a lot in the past two months ... there are some sectors which are suffering a lot.”

Chilean President Sebastian Piñera said high copper prices have contributed to the strengthening peso.

Chilean fresh fruit workers unions and exporters groups have demanded for weeks that the government intervene to stop the currency’s appreciation.

Piñera said that prices are high for Chile’s copper, and that its economy is growing faster than the rest of the world’s, both of which have led to the peso’s appreciation.

He said the government is thinking of other measures to allow more Chilean investment abroad to improve the exchange rate, he said, according to the website.

Photo: Government of Chile

Source: www.freshfruitportal.com