Chile Monetary Policy


Central Bank maintains neutral stance

At its 17 January policy meeting, the Central Bank left the policy rate unchanged at 5.00%, in line with expectations, amid strong growth and low inflation. Policy makers last changed the policy rate in January last year, with a surprise cut of 0.25 percentage points.

In its statement, the Bank noted that although financial conditions have improved somewhat, risks from the Eurozone debt crisis and fiscal risk in the US remain high. In addition, the Bank underlined a pick-up in fuel prices.

On the domestic front, demand and output evolved as expected in the last Monetary Policy Report, while the labour market remains tight. Regarding the inflation outlook, the board sees headline and core inflation contained in line with the target in the policy horizon.

Monetary authorities stated that inflation is around 3.0% and inflation expectations remain within the Bank's target. The next policy meeting is scheduled for 14 February.


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Chile Monetary Policy Chart

Chile Monetary Policy January 2013

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

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