The Financial Stability Report (IEF) for the first half of 2021, published by the bank, highlighted fewer risks for Chile compared to the previous report.
"Despite this progress, there are still significant risks compared to before the social crisis (October 2019), with high levels of uncertainty associated with the pandemic, a high heterogeneity among sectors and labor segments, and vulnerabilities that will take time to overcome," the bank said in the report.
This is in addition to other risks associated with gaps in the speed of global economic recovery, which can trigger important adjustments in financial markets, it added.
The report indicated that action taken by authorities, including the central bank, and prudent operation of the financial sector made it possible to contain the risks from the unusual shock generated by the pandemic.
"Thus, local financial conditions remain loose, with high liquidity and low interest rates," the bank explained.
The report elaborated that unlike past crises in Chile, financing costs have remained low, debt has been contained and credit has continued to flow, although at a slower pace recently.
"The IEF shows that our economy's reaction has evolved better than expected a year ago. However, this deployment has meant a significant use of resources, which has reduced the capacity to confront disruptive events in the future, with risks that are far from disappearing," the bank said.
As a result, the study concluded that looking to the future, the main challenge for the Chilean economy will be to achieve an adequate balance among policies that underpin growth, support the most affected sectors and promote the necessary rebuilding of financial slack in the medium term.
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