The Central Bank of Chile held its benchmark interest rate at 1.75 percent in its December 4th 2019 meeting. The unanimously-voted move follows three rate cuts in the year that brought borrowing costs to its lowest since 2010, amid violent social unrest that significantly dented growth prospects, triggered currency depreciation and threatened price stability ahead. The Committee noted an increase uncertainty in the future evolution of the macroeconomic scenario and added that the last package of reactivation measures announced by the Government entails a major increase in fiscal spending for the next year. Policymakers expects that the monetary policy rate will be kept at its current level over the coming months in accordance to achieve the inflation target and in a context of increased fiscal impulse and forex intervention. The Committee reaffirmed its commitment to conduct monetary policy with flexibility, so that projected inflation stands at 3% in the two-year horizon.

Interest Rate in Chile averaged 4.58 percent from 1995 until 2019, 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. source: Banco Central de Chile

Interest Rate in Chile is expected to be 1.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Chile to stand at 1.75 in 12 months time. In the long-term, the Chile Interest Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.


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Chile Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.75 1.75 14.00 0.50 1995 - 2019 percent Daily

Calendar GMT Actual Previous Consensus TEForecast
2019-07-18 10:00 PM 2.5% 2.5% 2.5%
2019-09-03 10:00 PM 2% 2.5% 2% 2.0%
2019-10-23 09:00 PM 1.75% 2% 1.75% 1.75%
2019-12-04 09:00 PM 1.75% 1.75% 1.5%
2020-01-29 09:00 PM 1.75% 1.75%


News Stream
2019-10-23
Chile Cuts Interest Rate to 1.75% Amid Social Unrest
The Central Bank of Chile lowered its benchmark interest rate by 25 bps to 1.75 percent at its October 2019 meeting, as widely expected. It is the third rate cut so far this year and comes after a 50-bps cut in September, bringing borrowing costs to its lowest since 2010. Policymakers underscored that social unrest observed in recent days will have an impact on economic activity and in confidence. The Committee said that the decision assumes that for inflation to converge to the target it is necessary a further monetary boost, which will be assessed in the light of the macroeconomic scenario, in particular after the events of recent days. Policymakers added that they will continue to conduct monetary policy with flexibility, so that projected inflation stands at 3% over the two-year horizon.

2019-09-03
Chile Cuts Interest Rate to 9-Year Low of 2%
The Central Bank of Chile lowered its benchmark interest rate by 50 bps to 2 percent at its September 2019 meeting, as widely expected. It is the second rate cut so far this year, bringing borrowing cost to the lowest since 2010. Policymakers said that the decision was based in the performance of the economy in the second quarter and its outlook and noted that the convergence of inflation to the target range will take longer than expected. The Committee added that an extension of monetary stimulus could be required, in light of the macroeconomic scenario evolution. Policymakers mentioned that the economy is projected to grow 2.6 percent for 2019, 3.1 percent for 2020 and 3.3 percent from 2021.

2019-07-18
Chile Keeps Interest Rate at 2.50%
The Central Bank of Chile kept its benchmark interest rate unchanged at 2.50 percent at its July 18th 2019 meeting. Policymakers noted higher risks associated with the timely convergence of inflation to the target over the policy horizon, mainly due to cost of services and surrounding the future evolution of activity and demand, amid external uncertainty. The Committee said that will extend the current monetary stimulus, if necessary, and added that they will continue to conduct monetary policy with flexibility, so that projected inflation stands at 3 percent in the two-year horizon.

2019-06-07
Chile Central Bank Surprises with 50-Bps Cut
The Central Bank of Chile cut its benchmark interest rate to 2.50 percent at its 7 June 2019, surprising market expectations of no change at 3.0 percent. The decision was unanimous. Policymakers were concerned by the evolution of global trade policy uncertainty and in turn growth prospects. They also warned about subpar domestic growth. Inflation jumped to 2.3 percent in May from 2.0 in April, mostly explained by a climb in electricity prices. Policymakers underscored that the output gap was updated to incorporate, among other factors, immigration factors.

2019-05-09
Chile Holds Interest Rate at 3%
The Central Bank of Chile held its benchmark interest rate at 3 percent during its May meeting, as widely expected, saying rates are expected to remain at current levels for an extended time amid low inflation expectations and global growth slowdown. Policymakers warned about escalating trade tensions between China and the US. On the price front, they mentioned an uptick in prices for foodstuffs and fuels. The annual inflation rate in Chile was at 2.0 percent in April 2019, unchanged from the previous month.

2019-03-29
Chile Holds Policy Interest Rate at 3%
The Central Bank of Chile held its benchmark interest rate at 3 percent during its March meeting, as widely expected, saying rates are expected to remain at current levels for a longer time amid low inflation expectations and global growth slowdown.


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.

Chile Money Last Previous Highest Lowest Unit
Interest Rate 1.75 1.75 14.00 0.50 percent [+]
Interbank Rate 2.07 2.07 7.45 0.06 percent [+]
Money Supply M1 42409.80 40773.02 42409.80 0.00 CLP Billion [+]
Money Supply M2 151455.98 148754.17 151455.98 753.67 CLP Billion [+]
Money Supply M3 257504.01 255819.24 257504.01 1231.79 CLP Billion [+]
Foreign Exchange Reserves 40557.80 40538.00 42302.70 1998.90 USD Million [+]
Banks Balance Sheet 154798.00 153301.00 154798.00 19067.00 CLP Million [+]
Loans to Private Sector 113523.00 109091.00 113523.00 15521.00 CLP Billion [+]
Deposit Interest Rate 2.70 2.90 48.68 1.75 percent [+]
Private Debt to GDP 189.10 196.80 198.70 137.60 percent [+]
Central Bank Balance Sheet 27801.00 27690.00 28048.00 10730.92 CLP Million [+]