The Central Bank of Chile hiked its benchmark interest rate by 75bps to 9.75% in its July meeting, surpassing market expectations of a 50bps increase, and signaled further rate hikes in the coming meetings to curb surging inflation and a plunging Chilean peso. The decision was unanimous among all council members and extends the central bank’s tightening cycle to 9.25 percentage points since its start in July 2021. The Board members noted that economic activity extended its gradual decline amid lower investment while employment growth slowed. At the same time, the real annual change in wages remained negative. The annual inflation jumped to a 28-year high of 12.5 percent in June, lifted by food and energy. In the meantime, Chile’s national currency tumbled to all-time lows and traded above 1,000 per USD in mid-July, pressured by heightened uncertainty and recession concerns. source: Banco Central de Chile

Interest Rate in Chile averaged 4.40 percent from 1995 until 2022, 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 August of 2022.

Interest Rate in Chile is expected to be 10.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Chile Interest Rate is projected to trend around 9.25 percent in 2023, according to our econometric models.

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Chile Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-05 10:00 PM Interest Rate Decision 8.25% 7% 8% 8.00%
2022-06-07 10:00 PM Interest Rate Decision 9% 8.25% 9% 9%
2022-07-13 10:00 PM Interest Rate Decision 9.75% 9% 9.5% 9.50%
2022-09-06 10:00 PM Interest Rate Decision 9.75% 10.25%
2022-09-22 11:30 AM Monetary Policy Meeting Minutes
2022-10-12 09:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Interest Rate 9.75 9.00 percent Jul 2022
Banks Balance Sheet 176816.00 181706.00 CLP Million Feb 2022
Central Bank Balance Sheet 57331.00 65135.00 CLP Million Mar 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
9.75 9.00 14.00 0.50 1995 - 2022 percent Daily

News Stream
Chile Hikes Policy Rate to 9.75%, Tops Expectations
The Central Bank of Chile hiked its benchmark interest rate by 75bps to 9.75% in its July meeting, surpassing market expectations of a 50bps increase, and signaled further rate hikes in the coming meetings to curb surging inflation and a plunging Chilean peso. The decision was unanimous among all council members and extends the central bank’s tightening cycle to 9.25 percentage points since its start in July 2021. The Board members noted that economic activity extended its gradual decline amid lower investment while employment growth slowed. At the same time, the real annual change in wages remained negative. The annual inflation jumped to a 28-year high of 12.5 percent in June, lifted by food and energy. In the meantime, Chile’s national currency tumbled to all-time lows and traded above 1,000 per USD in mid-July, pressured by heightened uncertainty and recession concerns.
2022-07-13
Chile Hikes Policy Interest Rate to 9%
The Central Bank of Chile hiked its benchmark interest rate by 75bps to 9% during its June meeting, in line with market expectations and following a 125bps increase in the previous meeting to curb price pressures. The annual inflation rate in Chile surged to 10.5% in April, the highest since September 1994. The April CPI was once again higher than expected in the March Report, once again highlighting the rise in food prices, volatile and underlying, and other volatile components, including fuels. The rest of the underlying components did not show major differences with what was expected. The inflation expectations from the surveys —EEA and EOF—remain above 3% over two years. Given the information contained in the June Report, the Board estimates that in order to ensure the convergence of inflation to 3% over a two-year horizon, further adjustments of lower magnitude in the MPR will be necessary.
2022-06-07
Bank of Chile Hikes Interest Rate by More than Expected
The Central Bank of Chile decided to raise the monetary policy interest rate by 125 basis points to 8.25% during its May 2022 meeting, above market expectations of 8% and following a 150bps increase in the previous meeting to keep a lid on surging inflation. Annual inflation surged to 9.4% in March, the highest since November 2008 and significantly higher than assumed in the last Monetary Policy Report. Worth noting was the rise in the prices of foods, core and volatile, fuels, and some other specific items. Domestic inflationary pressures have been strengthened by the hikes in international energy and food prices, the exchange rate depreciation, and ongoing problems affecting global supply. Inflation expectations derived from the surveys, EES and FTS, remain above 3% in the two-year horizon.
2022-05-05