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.