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Central Bank Review – April 2023: Hawkish Lean

CHILE
  • On Tuesday, the BCCh board unanimously decided to keep the monetary policy interest rate unchanged at 11.25%. In line with prior comments from President Costa, the statement indicated that “the data for the end of 2022 and the turn of 2023 show that the economy's adjustment process has been slower than expected.”
  • On inflation, while acknowledging a dip in the headline figure, the statement highlighted that core inflation has been fairly constant and has accumulated “a significant upward surprise in recent months.”
  • The statement noted that authorities have taken various actions to contain the impact of recent banking distress episodes. The board categorised the volatility and uncertainty about the future scenario as “still substantial”.
  • The board reiterated that “it will be necessary to keep the MPR at 11.25% until macroeconomic conditions indicate that the process of inflation convergence to the 3% target has been consolidated.” Furthermore, they now expect this process will take longer than expected compared to expectations in December with updated details to follow in today’s Monetary Policy Report (IPoM).
  • Statement link: https://www.bcentral.cl/c/document_library/get_file?uuid=781560fd-5814-875c-8212-3f38c12c5a15&groupId=33528

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