Chile Interest Rate  1995-2017 | Data | Chart | Calendar | Forecast | News

Chile’s central bank kept the benchmark interest rate unchanged at 2.50 percent in its July 13th, 2017 meeting following no change in its June meeting and a 25 bps cut in May. The outcome matched consensus expectations, and leaves the interest rate standing at its lowest level since September of 2010. Policymakers reiterated that inflation stood at 1.7 percent year-on-year in June, easing from 2.6 percent in May. Members of the board did not adopt an explicit bias on this occasion. Interest Rate in Chile averaged 4.75 percent from 1995 until 2017, reaching an all time high of 14 percent in September of 1998 and a record low of 0.50 percent in July of 2009.

Chile Interest Rate
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Calendar GMT Actual Previous Consensus Forecast (i)
2017-05-18 10:00 PM Interest Rate Decision 2.50% 2.75% 2.75% 2.75%
2017-06-15 10:00 PM Interest Rate Decision 2.5% 2.5% 2.5% 2.50%
2017-07-13 10:00 PM Interest Rate Decision 2.5% 2.5% 2.5% 2.5%
2017-08-17 10:00 PM Interest Rate Decision
2017-09-14 09:00 PM Interest Rate Decision
2017-10-19 09:00 PM Interest Rate Decision




Chile Holds Key Rate At 2.5% For 2nd Meeting


Chile’s central bank kept the benchmark interest rate unchanged at 2.50 percent in its July 13th, 2017 meeting following no change in its June meeting and a 25 bps cut in May. The outcome matched consensus expectations, and leaves the interest rate standing at its lowest level since September of 2010. Policymakers reiterated that inflation stood at 1.7 percent year-on-year in June, easing from 2.6 percent in May. Members of the board did not adopt an explicit bias on this occasion.

Chile's consumer prices increased 1.7 percent year-on-year in June of 2017, easing from a 2.6 percent rise in the previous month. It was the lowest inflation rate since October of 2013. Annual core inflation advanced 2 percent, following a 2.5 percent rise in the previous month. On a monthly basis, consumer prices went down 0.4 percent compared to a 0.1 percent gain in May. The central bank predicts year-end inflation of 2.7 percent in 2017.

In its March quarterly inflation report, the central bank lowered GDP estimates, while leaving unchanged inflation forecasts. The central bank dropped its bias on this occasion, recognizing that copper prices have improved but construction and mining activity remain weak.

Statement from the Central Bank of Chile:

Internationally, long-term interest rates increased, but financial conditions remain favorable. In general, news was consistent with the scenario of gradual recovery in global activity. The copper price rose, while the oil price, beyond fluctuations, trades near its levels of last month.

On the domestic front, most noteworthy was June’s monthly inflation at –0.4%, heavily influenced by the behavior of prices of fresh fruits and vegetables and some other products, which resulted in y-o-y inflation standing at 1.7%. Inflation expectations at shorter terms have dropped, but at the end of the projection horizon are near the target. Partial second-quarter figures for activity and demand are consistent with forecasts, and reflect the negative impact of mining and construction. Private consumption growth remains stable, in line with the performance of the labor market.

The Board reiterates its commitment to conduct monetary policy with flexibility, so that projected inflation stands at 3% over the policy horizon. Any future changes in the monetary policy rate will depend on the implications of domestic and external macroeconomic conditions on the inflationary outlook.

Mario | mario@tradingeconomics.com
7/13/2017 11:01:51 PM



Chile Money Last Previous Highest Lowest Unit
Interest Rate 2.50 2.50 14.00 0.50 percent [+]
Interbank Rate 2.78 2.74 7.45 0.06 percent [+]
Money Supply M1 30615.49 30436.65 30615.49 81.57 CLP Billion [+]
Money Supply M2 107726.56 106784.24 107726.56 753.65 CLP Billion [+]
Money Supply M3 192451.24 187340.34 192451.24 1231.77 CLP Billion [+]
Foreign Exchange Reserves 38914.90 38850.10 42302.70 1998.90 USD Million [+]
Banks Balance Sheet 113593.00 112944.00 115004.00 19122.00 CLP Million [+]
Loans to Private Sector 88732.00 89614.00 89614.00 15521.00 CLP Billion [+]
Deposit Interest Rate 3.60 3.92 48.68 1.75 percent [+]
Private Debt to GDP 198.60 201.20 201.20 137.70 percent [+]
Central Bank Balance Sheet 24508.00 26898.00 26898.00 10730.92 CLP Million [+]


Chile Interest Rate Notes

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. This page provides - Chile Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Chile Interest Rate - actual data, historical chart and calendar of releases - was last updated on July of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
2.50 2.50 14.00 0.50 1995 - 2017 percent Daily



interest rate by Country

Last
Brazil 10.25 Jun/17
Russia 9.00 Jun/17
Turkey 8.00 Jun/17
Mexico 7.00 Jun/17
India 6.25 Jun/17
Indonesia 4.75 Jul/17
China 4.35 Jun/17
Australia 1.50 Jul/17
South Korea 1.25 Jul/17
United States 1.25 Jun/17
Canada 0.75 Jul/17
United Kingdom 0.25 Jun/17
Euro Area 0.00 Jul/17
France 0.00 Jul/17
Germany 0.00 Jul/17
Italy 0.00 Jul/17
Netherlands 0.00 Jul/17
Spain 0.00 Jul/17
Japan -0.10 Jul/17
Switzerland -0.75 Jun/17