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BCCh President Acknowledges Slower Than Expected Economic Adjustment

CHILE
  • Central Bank President Rosanna Costa confirmed that the most recent data “point to an economy that is adjusting at a somewhat slower speed than expected”. Costa was presenting at the ‘One on One 2023 Conference’ of LarrainVial on Wednesday. (Diario Financiero)
  • She acknowledged that shorter-term inflation expectations have responded to this scenario of higher core inflation. She highlighted that there has been an increase in 2023 year-end inflation expectations compared to what we saw in December, especially when taking into account the evolution of financial asset prices.
  • Costa reaffirmed the latest guidance that the central bank intends to keep rates at current levels until there are clear signs that the process of convergence of inflation to target has been consolidated. Costa emphasised that “more than ever it is important to keep in mind the significant costs involved in maintaining high inflation, costs that increase as the phenomenon persists over time”.
  • On the most recent tensions in financial markets, Costa noted that they have not observed impacts on domestic institutions but warned that it is a developing phenomenon that needs to be monitored closely.
  • The BCCh will update its macro outlook in the first Monetary Policy Report (IPoM) of the year on April 5, following the April 04 central bank decision.
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