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.

in sub - prime mortgage delinquency rates, widespread uncertainty arose regarding the value of the abss because of lack of clear information on their content of sub - prime mortgage credits and the increase in payment delays. these abss are in the balance sheets of non - banking financial entities ( nbfes ) throughout the world, such as hedge funds agencies, or financial vehicles tied to banks, the latter particularly in europe. although the main global banks do not seem to be directly and significantly exposed to this component of mortgage loan risk in the us, they do have indirect exposures through credit lines or guarantees to nbfes and in europe they also have direct exposure to financial vehicles or conduits that they own. as these abss are illiquid, no direct information exists on their market value, which restricts the access to the market for nbfe trade securities that have – or are suspected to have – abss backed by sub - prime mortgage loans among their assets. this uncertainty has eroded insurance companies and pension funds ’ appetite for buying nbfes ’ trade securities, which has substantially raised costs and reduced access to financing, hindering the renewal of their liabilities. thus, the central point of this adjustment is located in the abs - backed trade securities ’ market and in nbfes that have – or are suspected to have – large investments in abss backed by sub - prime mortgages. in addition, in face of the difficulties to renewing their traditional funding sources and investors ’ redemption claims, occasionally these agencies or funds have been forced to make aggressive changes in their investing and financing strategies by selling off assets, using their commercial banking credit lines, raising capital contributions or resorting to sponsor banks ’ guarantees. in parallel, commercial banks have encountered difficulties in transferring to other investors the credit risk assumed when financing private equity funds engaged in leveraged corporate purchases. in sum, in this scenario of increased uncertainty regarding the value of some assets, demand for safer financial instruments has risen sharply, with increases in risk premiums and large downward corrections in the interest rates of government bonds ( figure 5 ). figure 5 : long - term interest rates ( percent ) source : bloomberg. the measures adopted in the past few days by central banks in industrial economies to pour liquidity into banking systems have been directed at both preventing financial swings to affect monetary policy conduction in the main economic zones and to facilities the operation of credit markets. rather than sustaining the valuations of asset prices, the main central