In other words, at this stage of the Peso incorporation process to CLS, it is imperative to define the participation of local banking entities, as a Settlement Members or Nostro services providers. •  The current projection is that the Peso will go live before the end of the second quarter of 2022. Therefore, and given the necessary actions, investments, and transformations to connect to the system, the banks must join during this budget period to carry out the implementation process during next year. V.  Central Bank actions to incorporate the Peso  •  The CBC must also perform significant actions, investments, and modifications of its current operation to integrate the Peso settlement into the CLS System. •  Several actions that will be detailed later in this workshop, include extending the operating hours of our Realtime Gross Settlement (RTGS)—Sistema LBTR—to coincide with CLS between 00:00 AM and 6:00 AM. •  In this sense, the CBC is willing to take all the necessary steps to incorporate the Peso and to do business as usual with the Peso settlement in CLS. Page 2 of 4  Central Bank of Chile July 2020  VI. Central Bank actions to improve the Peso convertibility  •  Let me emphasize that CLS is an important piece among the actions taken by the CBC to improve the convertibility of the Peso in a safe environment, following our mandate to safeguard the local and foreign payments.
BIS central bankers’ speeches  5