Chile's central bank held its benchmark interest rate at a record low of 0.50% on October 15th 2020, as widely expected. Policymakers noted that domestic economic activity fell more than expected in August, as the Imacec contracted 11.3% on an annual basis, dragged mainly by mining, construction and services. The Committee underscored that inflation jumped to 3.1% in September from 2.4% in August, but said that inflationary pressures are expected to remain contained. Policymakers reiterated that they will maintain a strong monetary stimulus for an extended period to ensure that its objectives are achieved. The Committee foresees that it will hold the MPR at its minimum level over a big part of the two-year monetary policy horizon and will maintain the unconventional measures in place, thus continuing with the current asset purchase program. source: Banco Central de Chile

Interest Rate in Chile averaged 4.48 percent from 1995 until 2020, 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 October of 2020.

Interest Rate in Chile is expected to be 0.50 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 0.50 in 12 months time. In the long-term, the Chile Interest Rate is projected to trend around 0.50 percent in 2021 and 1.00 percent in 2022, according to our econometric models.

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Chile Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 14.00 0.50 1995 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-06-16 09:30 PM Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2020-07-15 10:00 PM Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2020-09-01 10:15 PM Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2020-10-15 09:00 PM Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2020-10-30 11:30 AM Monetary Policy Meeting Minutes
2020-12-07 09:00 PM Interest Rate Decision 0.5% 0.5%
2020-12-23 11:30 AM Monetary Policy Meeting Minutes


News Stream
Chile Holds Interest Rate at 0.50%
Chile's central bank held its benchmark interest rate at a record low of 0.50% on October 15th 2020, as widely expected. Policymakers noted that domestic economic activity fell more than expected in August, as the Imacec contracted 11.3% on an annual basis, dragged mainly by mining, construction and services. The Committee underscored that inflation jumped to 3.1% in September from 2.4% in August, but said that inflationary pressures are expected to remain contained. Policymakers reiterated that they will maintain a strong monetary stimulus for an extended period to ensure that its objectives are achieved. The Committee foresees that it will hold the MPR at its minimum level over a big part of the two-year monetary policy horizon and will maintain the unconventional measures in place, thus continuing with the current asset purchase program.
2020-10-15
Chile Holds Interest Rate at 0.50%
Chile's central bank held its benchmark interest rate at a record low of 0.50% on September 1st 2020, as widely expected. Policymakers noted that the economy has begun to stabilize after shrinking at record rates due to the pandemic. The Committee said that the evolution of the economy has been influenced by the gradual withdrawal of restrictions, a faster adaptation to changed operating conditions in businesses, an increase in credit to enterprises and measures to provide support to personal income. Policymakers added that the economy requires a monetary boost and decided to expand its use of non-conventional instruments. The Committee reiterated that they will maintain a strong monetary stimulus for an extended period to ensure that its objectives are achieved, in particular that the MPR remains at its minimum level over much of the two-year horizon. The Committee added that it will proceed with the asset purchase program, reactivating its bank bond component at market prices.
2020-09-01
Chile Holds Interest Rate at 0.50%
Chile's central bank left its benchmark interest rate unchanged at 0.50 percent for the third straight meeting on 15 July 2020, keeping borrowing costs at the lowest level on record, as widely expected. Policymakers noted that the economy suffered a significant contraction in Q2, with economic activity plunging 15.3 percent in May, with declines in most sectors. Meanwhile, inflation decreased to 2.6 percent in June from 2.8 percent in May. The Committee added that the economy requires a monetary boost and decided to expand its use of non-conventional instruments. Policymakers said that will maintain a high monetary impulse for a prolonged period of time in order to ensure compliance with its objectives, it estimates that it will keep the MPR at its technical minimum over the entire projection horizon and it will explore unconventional instruments if necessary.
2020-07-15
Chile Holds Interest Rate at 0.50%
Chile's central bank left its benchmark interest rate unchanged at 0.50 percent for the second straight meeting, keeping borrowing costs at the lowest level on record, as widely expected. Policymakers noted that the effects of the coronavirus pandemic intensified further since the previous meeting, and said that the recent Emergency Plan will play an important role in mitigating the economic impact of the outbreak. The Committee added that the economy requires a monetary boost and decided to expand its use of non-conventional instruments, including incentives to lend to small and medium-sized firms and to non-banking credit providers and implementing a special asset purchase program. Policymakers said that will maintain a high monetary impulse for a prolonged period of time in order to ensure compliance with its objectives, it estimates that it will keep the MPR at its technical minimum over the entire projection horizon and it will explore unconventional instruments if necessary.
2020-06-16

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.