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. source: Banco Central de Chile

Interest Rate in Chile averaged 4.37 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 May of 2022.

Interest Rate in Chile is expected to be 9.00 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 7.25 percent in 2023, according to our econometric models.

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Chile Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-01-26 09:00 PM Interest Rate Decision 5.5% 4% 5.25% 5%
2022-03-29 09:00 PM Interest Rate Decision 7% 5.5% 7.25% 7.5%
2022-05-05 10:00 PM Interest Rate Decision 8.25% 7% 8% 8.00%
2022-06-07 10:00 PM Interest Rate Decision 8.25% 9% 9%
2022-06-23 11:30 AM Monetary Policy Meeting Minutes
2022-07-13 10:00 PM Interest Rate Decision 9.25%


Related Last Previous Unit Reference
Interest Rate 8.25 7.00 percent May 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
8.25 7.00 14.00 0.50 1995 - 2022 percent Daily

News Stream
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
Chile Hikes Policy Interest Rate to 7% Below Expectations
Chile's central bank lifted its monetary policy interest rate by 150 bps to 7% during its March 2022 meeting, below market estimates of 7.5%. The decision was unanimous and follows one 150 bps increase and two 125 bps increases as the economy strongly rebounded from the Covid-19 pandemic and faces rising inflation. Annual inflation rose to 7.8% in February, almost one percentage point higher than forecasted in the December Report, largely due to higher prices of goods. Short-term inflation prospects have risen again, bringing annual inflation closer to 10%. Two-year-term inflation expectations have remained above 3% for several months, a situation that will continue to be monitored by the Board.
2022-03-29
Chile Hikes Policy Interest Rate to 5.5% Above Expectations
Chile's central bank lifted its monetary policy interest rate by 150 bps to 5.5% during its January 2022 meeting, above market estimates of 5.25%. The decision was unanimous and follows two 125 bps increases and another 75 bps as the economy strongly rebounded from the Covid-19 pandemic and faces rising inflation. The inflation rate ended 2021 at 7.2%, above market expectations and the central bank’s target of 3%. Also, the core inflation rose 5.2% boosted by both an increase in goods and services prices. The future path of inflation continues to be surrounded by upside risks, while expectations for 2 years ahead remained above the 3% level. The board considered that the borrowing costs need to be above the neutral level in the short term, so the inflation should converge sustainably to the target of 3%.
2022-01-26