SANTIAGO, April 29 (Reuters) - Chile´s central bank announced on Thursday fresh measures to tame market volatility following the passage of a law that authorizes Chileans to tap into their pension funds for a third time since the coronavirus pandemic hit. The bank said the measures, including the reopening of a $9.5 billion cash purchase and forward sale (CC-VP) program, were necessary to smooth what policymakers expect could be a major drawdown from the country’s largely privatized pension system. “The orderly liquidation of such assets is essential to preserve the stability of financial markets and the efficiency of the price formation process,” the bank said in a statement. The law, passed by Congress earlier this week, allows Chileans to withdraw 10% of their savings from the country’s private Pension Fund Administrators (AFP), a lifeline, proponents said, for cash-strapped citizens amid the coronavirus pandemic. J.P. Morgan Chile said in a note the measure would boost household liquidity and growth and likely prompt the central bank to hike its benchmark rate in the fourth quarter of 2021, earlier than previously expected.