Chile Interest Rate  1995-2017 | Data | Chart | Calendar | Forecast | News

Chile’s central bank cut the benchmark interest rate by 25 bps to 2.75 percent in its April 13th, 2017 meeting. Market participants were expecting no change. The move left the interest standing at its lowest level since October of 2010. In the policy statement, the central bank mentioned that economic activity remains subdued and that inflation is expected to remain on target. Members of the board also underscored that further easing will depend on mid-term inflation expectations. Interest Rate in Chile averaged 4.77 percent from 1995 until 2017, reaching an all time high of 14 percent in September of 1998 and a record low of 0.50 percent in July of 2009.

Chile Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2017-02-14 09:00 PM Interest Rate Decision 3.25% 3.25% 3.25% 3.25%
2017-03-16 09:00 PM Interest Rate Decision 3.0% 3.25% 3% 3%
2017-04-13 09:00 PM Interest Rate Decision 2.75% 3.0% 3.0% 3.0%
2017-05-02 11:30 AM Monetary Policy Meeting Minutes
2017-05-18 10:00 PM Interest Rate Decision 2.75% 2.75%
2017-06-02 12:30 PM Monetary Policy Meeting Minutes




Chile Unexpectedly Cuts Interest Rate To 2.75%


Chile’s central bank cut the benchmark interest rate by 25 bps to 2.75 percent in its April 13th, 2017 meeting. Market participants were expecting no change. The move leaves the interest standing at its lowest level since October of 2010. In the central bank’s policy statement, the policymakers mentioned that economic activity remains subdued and that inflation is expected to remain on target. Members of the board also underscored that further easing will depend on mid-term inflation expectations.

Inflation came at 2.7 percent in March, at the same pace as February and within the central bank’s target of 2.0-4.0 percent. Core inflation eased to 2.2 percent, the lowest since November of 2013. The central bank predicts year-end inflation of 2.7 percent in 2017.

In its March quarterly inflation report, the central bank lowered GDP estimates, while leaving unchanged inflation forecasts, suggesting that a more accommodative monetary stance may be expected this year.  

Statement by the Central Bank of Chile:

Internationally, global financial conditions remain favorable and various indicators point to a scenario of stronger growth and higher inflation in the developed world. Commodity prices showed mixed fluctuations, where the higher oil price stood out. Overall, important risks persist.

On the domestic front, inflation and activity performed in line with forecasts in the March Monetary Policy Report. Annual inflation remained at 2.7% and expectations at the end of the projection horizon are near the target. Indicators on economic activity and domestic demand remain weak. In particular, the labor market has deteriorated somewhat more than foreseen.

To ensure the convergence of inflation to the policy target, the Board will assess the need for some additional increase in the monetary impulse, which will hinge on the medium-term inflation outlook. As always, it reiterates its commitment to conduct monetary policy with flexibility, so that projected inflation stands at 3% over the policy horizon.

Mario | mario@tradingeconomics.com
4/13/2017 9:17:24 PM



Chile Money Last Previous Highest Lowest Unit
Interest Rate 2.75 3.00 14.00 0.50 percent [+]
Interbank Rate 2.97 2.97 7.45 0.06 percent [+]
Money Supply M1 29400.76 29167.13 29719.93 81.57 CLP Billion [+]
Money Supply M2 106055.01 104804.70 106319.70 753.65 CLP Billion [+]
Money Supply M3 189487.57 186170.63 189487.57 1231.77 CLP Billion [+]
Foreign Exchange Reserves 38597.20 39709.90 42302.70 1998.90 USD Million [+]
Banks Balance Sheet 115004.00 113901.00 115004.00 19122.00 CLP Million [+]
Loans to Private Sector 87862.00 87634.00 88416.00 15521.00 CLP Billion [+]
Deposit Interest Rate 3.60 3.92 48.68 1.75 percent [+]
Private Debt to GDP 198.79 191.03 198.79 148.14 percent [+]
Central Bank Balance Sheet 25243.00 25698.00 25749.00 10730.92 CLP Million [+]


Chile Interest Rate Notes

In Chile, interest rate decisions are taken by The Central Bank of Chile (Banco Central de Chile). The official interest rate is monetary policy interest rate (PDBC Pagarés Descontables del Banco Central) which is overnight interbank interest rate. This page provides - Chile Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Chile Interest Rate - actual data, historical chart and calendar of releases - was last updated on April of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
2.75 3.00 14.00 0.50 1995 - 2017 percent Daily



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