Chile Monetary Policy


Chile: Central Bank keeps policy rate on hold

May 15, 2014

At its 15 May meeting, the Central Bank decided to keep the policy rate at 4.00%. The decision met market expectations. This is the second 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. In addition, commodity prices, especially copper prices, have picked up. However, local economic news confirms weakened vitality in the economy, which is in line with the scenario that the Bank introduced in its previous monetary policy meeting that took place in March. 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.”

LatinFocus Consensus Forecast panelists see the policy rate at 4.50% by the end of the year. Panelists expect the policy rate to end next year at 4.06%.

Author:, Senior Economist

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Chile Monetary Policy Chart

Chile Monetary Policy May 2014

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

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