Chile Monetary Policy


Chile: Central Bank leaves policy rate unchanged at 3.00%

April 16, 2015

The Central Bank of Chile decided to keep the policy rate at 3.00% at its meeting on 16 April. The decision was in line with market expectations. This is the sixth consecutive meeting in which the Bank has kept the policy rate unchanged.

On the international front, the Bank commented that the economic recovery in developed countries is underway, especially in the United States. On the other hand, economic prospects for most countries in Latin America have deteriorated since the previous meeting. The Bank added that the prices have increased for copper as well as for oil and its derivatives.

On the domestic front, output and demand indicators show that the economy is growing in line with the Bank’s projections. The unemployment rate has dropped slightly, while nominal wages remain dynamic. In regard to price developments, the Bank said that, inflation came in at a lower-than-expected level in March, and acknowledged that, “medium-term inflation expectations remain at 3%.”

LatinFocus Consensus Forecast panelists see the policy rate at 2.86% at the end of 2015. Panelists expect the policy rate to end 2016 at 3.83%.

Author:, Senior Economist

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Chile Monetary Policy Chart

Chile Monetary Policy April 2015

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

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