Chile Monetary Policy


Central Bank stays put as economy thrives and peso strengthens

At its 14 March policy meeting, the Central Bank left the policy rate unchanged at 5.00%, a decision that was in line with expectations amid easing inflation and a strengthening Chilean peso. Policy makers last changed the policy rate in January 2012, with a surprise cut of 0.25 percentage points.

In its statement, the Bank noted that financial conditions remain stable but that risks from the Eurozone debt crisis remain high. In addition, the Bank underlined a moderation in copper prices in recent weeks. On the domestic front, demand and output exceeded forecasts from 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 Bank's target in the policy horizon. The next policy meeting is scheduled for 11 April.

LatinFocus Consensus Forecast panellists see the policy rate at 4.98% by the end of the year. Next year, panellists expect the policy rate to end the year at 5.08%.


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Chile Monetary Policy Chart

Chile Monetary Policy March 2013

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

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