Chile Monetary Policy


Central Bank keeps policy rate unchanged

The Central Bank of Chile decided to keep the policy rate unchanged at 3.00% at its meeting on 11 June. The decision was in line with market expectations and marked the eighth consecutive meeting in which the Bank has decided to keep the policy rate unchanged.

Regarding the international economy, the Bank noted that the global economy is growing gradually. Long-term interest rates have increased in many economies and the U.S. dollar has appreciated globally. In addition, the Bank commented that, while the prices for some commodities have risen while others have fallen, the price of copper has decreased.

On the domestic front, the Bank pointed out that recent data is in line with its baseline projections. In addition, the Bank added that inflation will be monitored closely going forward and that the Bank expects inflation to remain at 3.0% in the medium-term. Further, nominal wage growth has fallen in annual terms and the peso has depreciated. In conclusion, the Bank emphasized that, “any future changes in the monetary policy rate will depend on the implications of domestic and external macroeconomic conditions on the inflationary outlook.”

LatinFocus Consensus Forecast panelists see the policy rate at 3.00% at the end of 2015. Panelists expect the policy rate to end 2016 at 3.70%.

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Chile Monetary Policy Chart

Chile Monetary Policy June 2015

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

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