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SBIF: Chilean banks report inactive accounts with balances totaling 45B pesos

In February,Chilean banks reported 91,756 inactive accounts with a total balance of 45 billionpesos, of which around 40 billion pesos is in the local currency and the rest isin dollars and other foreign currencies, banking regulator SBIF said in a statementApril 4.

Accordingto Chile's banking law, from 2016 banks must report to SBIF the balances of allaccounts over 1UF that have been inactive for at least two years. The UF is Chile'sinflation-indexed unit equivalent to 25,822.03 pesos as of April 4, according tocentral bank data.

If thebalance of these accounts is not claimed within three years of their publicationin the Official Gazette, which occurs annually in March, banks must transfer thebalance to the treasury deducting any related fees.

SBIFhas also launched a new website, www.clientebancario.cl,where individuals and businesses can find information reported by banks about inactiveaccounts, the regulator said.

As of April 1, US$1 was equivalentto 668.70 Chilean pesos.