Chile's central bank lifted its monetary policy interest rate by 125 bps to 2.75% during its October 2021 meeting, above market estimates of 2.5% as the evolution of the macroeconomic scenario has increased the risks regarding the convergence of inflation to the 3% target within the policy horizon. The move follows a 75 bps hike in late August by the bank. The Board has decided to anticipate the withdrawal of the monetary stimulus, projecting that the policy rate will reach its neutral level sooner than foreseen in the September Report’s central scenario. In September, the annual variation of the CPI rose to 5.3%, outweighing expectations, while its core part accumulated an annual increase of 4.2%, close to the forecast in the September Monetary Policy Report. source: Banco Central de Chile

Interest Rate in Chile averaged 4.35 percent from 1995 until 2021, 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 December of 2021.

Interest Rate in Chile is expected to be 2.75 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 3.00 percent in 2022, according to our econometric models.

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Chile Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-14 10:00 PM Interest Rate Decision 0.75% 0.5% 0.75% 0.75%
2021-08-31 10:00 PM Interest Rate Decision 1.50% 0.75% 1.25% 1.25%
2021-10-13 09:00 PM Interest Rate Decision 2.75% 1.5% 2.5% 2.25%
2021-12-14 10:00 PM Interest Rate Decision 2.75%
2021-12-29 11:30 AM Monetary Policy Meeting Minutes


Related Last Previous Unit Reference
Interest Rate 2.75 1.50 percent Oct/21
Banks Balance Sheet 176871.00 176238.00 CLP Million Aug/21
Central Bank Balance Sheet 62858.00 63472.00 CLP Million Sep/21

News Stream
Chile Hikes Policy Interest Rate to 2.75%
Chile's central bank lifted its monetary policy interest rate by 125 bps to 2.75% during its October 2021 meeting, above market estimates of 2.5% as the evolution of the macroeconomic scenario has increased the risks regarding the convergence of inflation to the 3% target within the policy horizon. The move follows a 75 bps hike in late August by the bank. The Board has decided to anticipate the withdrawal of the monetary stimulus, projecting that the policy rate will reach its neutral level sooner than foreseen in the September Report’s central scenario. In September, the annual variation of the CPI rose to 5.3%, outweighing expectations, while its core part accumulated an annual increase of 4.2%, close to the forecast in the September Monetary Policy Report.
2021-10-13
Chile Unexpectedly Hikes Policy Interest Rate to 1.50%
Chile's central bank lifted its monetary policy interest rate by 75 bps to 1.50% during its August 2021 meeting, above market estimates of 1.25%. Prospects of a stronger economic recovery amid a speedy Covid-19 vaccination program and mounting inflationary pressures were behind the Bank’s decision. The bank revised upwards its GDP growth projections to 10.5%-11.5% from a previous estimate of 8.5%-9.5% amid the expected "rapid recovery" from a recession caused by the Covid-19 pandemic. At the same time, inflation is seen averaging 4.2% in 2021, ending the year at 5.7% and remaining above 5% in the first half of 2022, on high food and energy prices, before the withdrawal of monetary and fiscal stimulus prompted it to converge on 3% within two years.
2021-08-31
Chile Hikes Policy Interest Rate to 0.75%
Chile's central bank raised its monetary policy interest rate by 25 bps to 0.75 during its July meeting, aiming to support a weak peso that has touched its lowest level so far this year due to the recent drop in copper prices and broad dollar strength. Headline inflation rose to 3.8 percent in June, its highest since February 2020 and above the central bank's mid-point target of 3 percent, while economic activity has exceeded expectations. Policymakers see the activity gap continuing to close rapidly, accompanied by a high fiscal impulse and a strongly dynamic consumption, which creates the conditions for a gradual withdrawal of the monetary impulse.
2021-07-14

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.