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Soto to Replace Garcia on BCCh Board

CHILE
  • The government has announced the nomination of Claudio Soto for a place on the central bank’s monetary policy committee as latest inflation data could prompt the BCCH to adopt an even more aggressive pace of easing. Soto was the chief economist at Banco Santander Chile with a doctorate from the New York University and will replace the central bank’s outgoing Vice President Pablo Garcia. The appointment must now be approved by lawmakers.
  • Before moving to Banco Santander Chile, Soto was Chief Macroeconomic Advisor at the Finance Ministry and the manager of the macroeconomic analysis department at the Central Bank.
  • Perhaps of some relevance given the previous role at Santander, the bank noted the following after the December meeting:
    • "In line with the above, Santander expect that in the next meetings the Council will reduce the rate again aggressively, with a possible cut of 100 basis points in the next RPM at the end of January. This is because the following meeting is only in April."
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