clearing and settlement of the payments, as well as for registering the operations in an efficient and secure manner. over the last decade we have made great progress in this sense, with many regulatory and market changes that have strengthened the financial infrastructure landscape in chile. 2 / 8 bis - central bankers'speeches in fact, this year we took a major step forward by extending the network of financial market infrastructures to the foreign exchange markets, thus closing an existing gap in this area. financial market infrastructure for securities, fixed income, derivatives and fx markets. to understand the relevance of these milestones, let me now outline some characteristics of the chilean financial market and the robustness of its financial market infrastructures. the securities and debt instruments are mostly traded on the santiago stock exchange in a bit more than 2 times the gdp. a considerable fraction of the fixed income, and equity is traded under a proper infrastructure framework, due to the existence of a securities settlement system and central counterparty. furthermore, all of this is backed by a local central securities depository, the base of most of the securities operation for the private and public instruments, central bank included. at the same time, the derivatives market is also relevant for the size of the economy, which is around 8 times our gdp, where 48 % is interest rate related and 45 % is fx derivatives. they are mostly traded over the counter. for years a central counterparty has been in place to clear and centralize ndf us dollar and chilean peso and inflation derivatives. however, there was a need to increase transparency and promote financial stability by mitigating systemic risk. then, in 2022 and following international recommendations, the central bank of chile with the support of the financial supervisor, developed and operates the trade repository for derivatives of the country. it collects, processes, and disseminates to the public and the supervisor relevant information of this market. regarding the fx market, it should be noted that chilean spot fx market amounted nearly 3. 5 times gdp, of which 95 % are us dollar / peso transactions. meanwhile, the fx derivatives market for the same period, mainly ndf ( non - delivery forward ), is close to 4. 5 times gdp, of which almost a half are cross - border. in the case of spot fx market, it is also mainly traded over the counter, through financial platforms. however, historically the transactions were made without the intermediation and risk management of a proper financial market infrastructure, with the con

policy avoiding the incubation of pressures pushing inflation away from the target. facing this environment of high risks and volatility, the board has kept a prudent attitude. acting hastily would only reduce its capacity for action. as unreasonable as supposing that we will be spared the problems of the world, is thinking that we are being severely affected by them. time will shed more light on the true effects of developments abroad on chile ’ s external position and the evolution of domestic balances. for now, it is important that we take the opportunities we have to preserve and enhance the soundness of our economy, but bearing in mind that there are risks and that they are significant. thank you. bis central bankers ’ speeches figure 1 real exchange rate ( * ) ( index, 1986 = 100 ) 90 92 rer 94 96 98 00 02 1997 - 2011 average 04 06 08 10 12 1992 - 2011 average ( * ) august figure includes information up to 30 august 2012. source : central bank of chile. figure 2 nominal exchange rate ( index, december 2010 = 100 ) dec. 10 jun. 11 chile australia dec. 11 n. zealand jun. 12 canada source : bloomberg. bis central bankers ’ speeches figure 3 contribution to annual gdp growth ( real annual change, percentage points ) - 5 - 5 - 10 - 10 - 15 - 15 iii iii net exports ( * ) government consumption gfcf iii iii private consumption inventory change gdp ( * ) exports minus imports of goods and services. source : central bank of chile. figure 4 labor market ( annual change, percent ) unemployment rate irem ( 1 ) based on the survey of universidad de chile. seasonally - adjusted series. ( 2 ) as from january ( dotted vertical line ) new indexes are used with annual base 2009 = 100, so figures are not strictly comparable to previous figures. sources : central bank of chile, national statistics institute ( ine ), and universidad de chile. bis central bankers ’ speeches figure 5 inflation indicators ( annual change, percent ) - 4 - 4 - 8 - 8 cpi cpiefe ( * ) cpiefe for goods cpiefe for services ( * ) consumer price index excluding foodstuffs and energy. sources : central bank of chile and national statistics institute ( ine ). figure 6 cpi inflation ( annual change, percent ) cpiefe inflation ( 1 ) ( annual change, percent ) - 2 - 2 - 2 - 2 - 4 - 4 - 4 - 4 07 08 09 10 11