The central bank of Chile will purchase $12 billion in U.S. dollars in order to help exporters by changing the exchange rate, The Wall Street Journal reports. The central bank will purchase $50 million daily in the first phase of the program beginning from Jan. 5, 2011.

The dollar-purchasing program will increase the foreign-currency reserves to about 17% of gross domestic product. The central bank will sterilize its purchase of dollars through short-term liquidity instruments and by issuing longer-term bonds.

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