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Central Bank Review – Rates & Guidance Unchanged

CHILE
  • On Thursday, the BCCh board unanimously decided to keep the monetary policy rate unchanged at 11.25%.
  • Guidance remained unchanged. While the statement highlighted that monetary policy is facilitating the resolution of economic imbalances, it continues to note that inflation remains very high and the convergence to target remains subject to risks. Thus, the board will maintain current policy “until the state of the macroeconomy indicates that this process has been consolidated.”
  • Greater optimism in both global and local financial markets were acknowledged with particular mention to the strength of the peso. The board noted that “the macroeconomic implications of the recent appreciation…will be assessed in the next Monetary Policy Report.
  • Link to full statement: https://www.bcentral.cl/en/content/-/detalle/comunicado-rpm-enero-2023
  • The minutes of this meeting will be published on Friday, Feb 10. The next Monetary Policy Meeting will take place on Tuesday, April 4.
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