changes have been smaller. and with last wednesday's move, the mpr remains in the corridor. it should be noted that, the real monetary policy rate is around 4. 5 pp above neutral, if we consider its current level minus expected one - year inflation according to market expectations. this is one of the most contractionary rates in the region 1. 1 this calculation and reference are only intended to make a comparison with other economies and do not imply an evaluation of the contractivity of the monetary policy or the neutral interest rate. at this time we are working in the process of reestimating the neutral interest rate, those results will be published in the december monetary policy report. bilateral meetings foreign exchange intervention as announced, the foreign exchange intervention program ended on september 30. it helped the foreign exchange market to function properly, facilitating the adjustment of the economy and the financial markets to external and domestic conditions. in total, we sold us $ 6. 05 billion in the spot market and placed us $ 9. 11 billion in forwards. the stock of the latter will continue to be renewed, at market conditions, until january 13, 2023. the central bank does not pursue a specific level for the exchange rate. interventions are not related to this parameter, but rather to the evaluation of whether the exchange market is presenting problems in its functioning that may affect other markets. the conditions in which the market operates today are very different from those of midjuly. in general, the currency has followed the behavior of other parities. in any case, as always, we remain committed to the floating exchange rate regime, reserving the option to intervene in the exchange market in exceptional circumstances. it cannot be ruled out that the volatility of the foreign exchange market will remain at higher levels than usual in previous years, although certainly below the peaks reached during this year's most stressful moments. per se, this does not imply a malfunctioning of the market, and is mainly due to international factors over which chile has no influence. to the extent that some central banks that have been lagging behind in the fight against inflation accelerate their rate adjustment, volatility in financial markets will remain high.

annually as of august. bilateral meetings • persistence inflation expectations have remained above the 3 % target for several quarters. although some measures they have receded somewhat at the margin, the fact that they have remained elevated for so long increases the risk of a mores persistent inflationary process and constitutes a very relevant point of attention for the board's decisions. in fact, the latest financial operators'survey ( fos ) indicates that expected inflation in one - year falls to ( previous : 6. 3 % ) 6. 0 % and in two years to 4. 5 % ( previous : 5. 0 % ). meanwhile, october's economic expectations survey ( ees ) anticipates a one - year inflation of 6. 3 % and a two - year inflation of 3. 9 % ( 7. 0 % and 3. 8 % in september ). inflation insurance contracts have shown some increases in the last few weeks, consistent with the greater pressure implied by the rise in the exchange rate. as of december of this year, they expect the annual cpi increase to be around 12. 7 %, somewhat above what they expected at the beginning of last month. on other hand, breakeven inflation implicit in the fixed income market has declined in recent weeks. activity and demand august imacec showed a null annual growth. excluding mining activity, there was an annual increase of 1. 3 %, with a monthly rise of 0. 7 % in the seasonally adjusted series. this increase in the total imacec contrasted with market expectations, which anticipated an annual drop in the indicator. it should be noted that sectors with a high impact on the dynamics of activity and demand, such as construction, industry and commerce, among others, continue to contract as expected. there are service sectors that show greater resilience. this is explained by specific factors, such as the low base of comparison in the provision of education services, the persistently greater dynamism of activities linked to business services, and the greater added value of energy generation, given the greater rainfall this year. on the demand side, the available indicators suggest that the adjustment of private consumption is taking place broadly in line with our forecasts. investment on the contrary has fallen less than expected due to the dynamism in specific sectors ( energy, public transportation ) while its fundamentals continue to anticipate a weak performance. in this context, long - term interest rates have resumed an upward trend since the beginning of september,