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Central Bank Review – June 2023: Split Decision Hold

  • The Board of the Central Bank of Chile decided to keep the monetary policy interest rate at 11.25%. However, in a dovish surprise, this was a split decision with two of the five-member board, Vice-Governor García and Board member Griffith-Jones, voting to cut the rate by 50bps.
  • The statement clearly highlighted the improving outlook and signalled that an imminent easing cycle should be expected to commence.
  • At 9am local time on Tuesday, BCCh President will present the Monetary Policy Report (IPoM) which will contain the details of the central scenario, the sensitivities and risks surrounding it and its implications for the future evolution of the monetary policy rate.
  • The full review with analyst views is here:
  • MNI Chile Central Bank Review - June 2023.pdf

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