Chile's central bank left its benchmark interest rate unchanged at 0.50 percent for the second straight meeting, keeping borrowing costs at the lowest level on record, as widely expected. Policymakers noted that the effects of the coronavirus pandemic intensified further since the previous meeting, and said that the recent Emergency Plan will play an important role in mitigating the economic impact of the outbreak. The Committee added that the economy requires a monetary boost and decided to expand its use of non-conventional instruments, including incentives to lend to small and medium-sized firms and to non-banking credit providers and implementing a special asset purchase program. Policymakers said that will maintain a high monetary impulse for a prolonged period of time in order to ensure compliance with its objectives, it estimates that it will keep the MPR at its technical minimum over the entire projection horizon and it will explore unconventional instruments if necessary.

Interest Rate in Chile averaged 4.51 percent from 1995 until 2020, reaching an all time high of 14 percent in September of 1998 and a record low of 0.50 percent in July of 2009. This page provides - Chile Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Chile Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Banco Central de Chile

Interest Rate in Chile is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Chile to stand at 0.50 in 12 months time. In the long-term, the Chile Interest Rate is projected to trend around 0.75 percent in 2021 and 1.00 percent in 2022, according to our econometric models.

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Chile Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 14.00 0.50 1995 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-03-16 04:50 PM Interest Rate Decision 1% 1.75%
2020-03-31 09:00 PM Interest Rate Decision 0.50% 1% 0.5%
2020-05-06 10:00 PM Interest Rate Decision 0.5% 0.5% 0.5% 0.25%
2020-06-16 09:30 PM Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2020-07-15 09:00 PM Interest Rate Decision 0.5% 0.5%
2020-07-31 12:30 PM Monetary Policy Meeting Minutes
2020-09-01 10:00 PM Interest Rate Decision 0.5%
2020-09-16 12:30 PM Monetary Policy Meeting Minutes


News Stream
Chile Holds Interest Rate at 0.50%
Chile's central bank left its benchmark interest rate unchanged at 0.50 percent for the second straight meeting, keeping borrowing costs at the lowest level on record, as widely expected. Policymakers noted that the effects of the coronavirus pandemic intensified further since the previous meeting, and said that the recent Emergency Plan will play an important role in mitigating the economic impact of the outbreak. The Committee added that the economy requires a monetary boost and decided to expand its use of non-conventional instruments, including incentives to lend to small and medium-sized firms and to non-banking credit providers and implementing a special asset purchase program. Policymakers said that will maintain a high monetary impulse for a prolonged period of time in order to ensure compliance with its objectives, it estimates that it will keep the MPR at its technical minimum over the entire projection horizon and it will explore unconventional instruments if necessary.
2020-06-16
Chile Holds Interest Rate at 0.5%
Chile's central bank held its benchmark interest rate unchanged at 0.50 percent after lowering it by 50 bps on 31 March and a 75-bps emergency cut on 16 March, holding borrowing costs at the lowest level on record and matching expectations. Policymakers noted that the economic contraction has started and that its effect is particularly acute in retail, education, transporte, restaurants and hotels. On the other hand, they underscored that financial markets stabilized in April after high volatility in the previous month. The unanimous decision came after a decline in annual inflation, which eased to 3.7 percent in March after hitting 3.9 percent in February.
2020-05-06
Chile Cuts Interest Rate to 0.50%
Chile's central bank lowered its benchmark interest rate by 50 bps to 0.50 percent on 31 March after cutting it by 75 bps in an emergency meeting on 16 March, bringing borrowing costs to the lowest level on record. Policymakers voiced concerns about the "significant worsening" of the external scenario due to the coronavirus outbreak, and warned that they expect an economic contraction in the second quarter. The unanimous decision came despite a deterioration of inflation, which surged to 4% amid a weakening peso.
2020-03-31
Chile Cuts Key Policy Rate to 1%
Chile's central bank lowered its benchmark interest rate by 75 bps to 1 percent during an emergency meeting on March 16th, bringing borrowing costs to the lowest level since June 2010. Policymakers voiced concerns about the "rapid and significant deterioration" of the Chilean economy due to the coronavirus outbreak and widespread protests over social inequality. The decision came despite uncertainty around inflation, which hit the highest since July 2016 on the back of a weakening peso.
2020-03-16

Chile Interest Rate
In Chile, interest rate decisions are taken by The Central Bank of Chile (Banco Central de Chile). The official interest rate is monetary policy interest rate (PDBC Pagarés Descontables del Banco Central) which is overnight interbank interest rate.