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BCCh Survey Sees Key Rate Dropping to 7.00% in 11 Months

CHILE
  • The 2023 year-end rate forecast was held at 7.00%, according to the monthly economists survey from the Central Bank. Chile economists continue to see the key rate being left on hold next meeting.
    • Key rate to drop to 7.00% in 11 months, and fall again to 4.75% in 23 months
    • Peso to trade at 840 CLP/USD in 11 months, and 825 in 23 months
  • On GDP:
    • 2022 forecast lowered to -1.5% vs 2.5% last survey
    • 2023 forecast raised to 2.1% vs -1.5% last survey
    • 2024 forecast raised to 2.2% vs 2.1% last survey
  • For consumer prices:
    • Expected to rise 0.5% m/m in January
    • 2023 year-end inflation held at 5.0%
    • 2024 year-end inflation held at 3.3%

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