Chile Monetary Policy


Central Bank keeps policy rate on hold

At its 12 June meeting, the Central Bank decided to keep the policy rate at 4.00%. The decision met market expectations. This is the third consecutive meeting at which the Bank has decided to keep its policy rate unchanged.

According to the Bank, the latest international data confirm that the outlook for the global economy is improving. However, local economic news suggests that the local economy is losing momentum amid falling investment. Regarding price developments, the Central Bank stated that, the rise in inflation—associated with the peso depreciation, among other factors—is a temporary development that will continue to be monitored with special attention in order to meet the long term inflation target of 3.0%.

LatinFocus Consensus Forecast panelists see the policy rate at 3.66% at the end of the year. Panelists expect the policy rate to end next year at 4.06%.

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Chile Monetary Policy Chart

Chile Monetary Policy June 2014

Note: Monetary Policy Rate (TMP, Tasa de Politica Monetaria) in %
Source: Chile Central Bank (BCC)

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