Chile Monetary Policy


Central Bank stays put for 15th month in a row

At its 11 April policy meeting, the Central Bank left the policy rate unchanged at 5.00%, a decision that was widely expected by the market amid easing inflation and a strengthening Chilean peso. Policy makers last changed the policy rate in January 2012, with a cut of 25 basis points.

In its statement, the Bank noted that international financial conditions remain stable, indicators from the United States are mixed and the Eurozone remains in a recession. In addition, the Bank underlined that prices for copper receded in recent weeks. On the domestic front, monetary authorities noted that economic activity surprised markets on the downside in February, but domestic demand still remains dynamic. Regarding the inflation outlook, the board sees headline and core inflation contained and in line with its target in the policy horizon. The next policy meeting is scheduled for 16 May.

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 April 2013

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

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