Chile Interest Rate 1995-2018 | Data | Chart | Calendar | Forecast | News

The Central Bank of Chile held its benchmark interest rate at 2.50 percent on February 1st, 2018, as widely expected, saying risks to the economic activity have receded since last meeting and inflation is expected to remain below previous forecasts due to a stronger peso. Chile's inflation for 2017 was 2.3 percent, the lowest in five years and below the bank's target of 3 percent. Interest Rate in Chile averaged 4.70 percent from 1995 until 2018, reaching an all time high of 14 percent in September of 1998 and a record low of 0.50 percent in July of 2009.

Chile Interest Rate
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Chile Holds Policy Rate at 2.5%


The Central Bank of Chile held its benchmark interest rate at 2.50 percent on February 1st, 2018, as widely expected, saying risks to the economic activity have receded since last meeting and inflation is expected to remain below previous forecasts due to a stronger peso. Chile's inflation for 2017 was 2.3 percent, the lowest in five years and below the bank's target of 3 percent.

Excerpts from the statement of the Central Bank of Chile:

Activity indicators for the fourth quarter of 2017 are somewhat better than expected in the baseline scenario of December’s Monetary Policy Report, with important surprises in some sectors associated with investment, which slightly outperformed the Banks’ estimates. Consumption maintains the trend of previous months, with stronger growth in sales of durable goods, particularly automobiles. Annual growth in non-durable consumption is rather sluggish, but has picked up in recent months. The wage bill, growing at a pace close to 3.5%, continues to sustain the expansion of consumption. Mining and industrial exports ended the year with significant growth rates in terms of both value and volume, reversing the trend of previous quarters. Salaried employment has increased its annual variation rate, reflecting growth in public hiring. The unemployment rate declined in its latest print, but remains above year-ago levels. Annual growth in nominal and real wages is fairly unchanged at levels around 4.5% and 2.5%, respectively. In this context, private growth expectations increased, as did confidence indicators.

Inflation has brought no big surprises and remains around 2% annually for both headline and core CPI (CPIEFE). Its evolution continues to reflect the impact of the exchange rate drop over the last few months, the poor dynamism of activity and the effects of some particular shocks. The annual variation of the goods CPIEFE is around 0% and the services index variation is close to 3%. Among the more volatile prices, fruits and vegetables went back to slightly positive annual growth. Inflation expectations had limited movements. While in the short term they have been adjusted downward somewhat, at two years they show no change with respect to the previous Meeting.

The Board’s decision estimates that incoming data is consistent with the baseline scenario of December’s Report. At the same time, some of the risks identified therein have diminished. In particular, the latest activity figures make it more likely that the economy will achieve the expected traction, while domestic financial conditions remain favorable. Thus, despite inflation expected to be somewhat below previous forecasts for some months, mainly due to the evolution of the exchange rate, the threats to its convergence to 3% have been attenuated in the margin. In this context, the Board considers that the general orientation of monetary policy outlined in the Monetary Policy Report is still adequate. That is, a monetary impulse that will remain fairly unchanged, and that withdrawal will only begin once the closing of the gaps is consolidated.

In any case, the Board will pay special attention to any signs of a delay in the convergence of inflation that might warrant an additional monetary impulse. It also reaffirms its commitment to conduct monetary policy with flexibility, so that projected inflation stands at 3% over the two-year horizon.


Central Bank of Chile | Joana Ferreira |
2/2/2018 9:21:51 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-11-14 09:00 PM Interest Rate Decision 2.50% 2.50% 2.50% 2.5%
2017-12-14 09:00 PM Interest Rate Decision 2.50% 2.50% 2.5% 2.5%
2018-02-01 09:00 PM Interest Rate Decision 2.5% 2.5% 2.5% 2.50%
2018-02-16 11:30 AM Monetary Policy Meeting Minutes
2018-03-20 09:00 PM Interest Rate Decision 2.5%
2018-04-05 11:30 AM Monetary Policy Meeting Minutes


Chile Money Last Previous Highest Lowest Unit
Interest Rate 2.50 2.50 14.00 0.50 percent [+]
Interbank Rate 2.75 2.76 7.45 0.06 percent [+]
Money Supply M1 32311.54 30635.82 32311.54 81.57 CLP Billion [+]
Money Supply M2 124469.87 122164.01 124469.87 753.65 CLP Billion [+]
Money Supply M3 210342.81 208081.43 210342.81 1231.77 CLP Billion [+]
Foreign Exchange Reserves 39173.00 37911.50 42302.70 1998.90 USD Million [+]
Banks Balance Sheet 117704.00 117588.00 117704.00 19122.00 CLP Million [+]
Loans to Private Sector 90593.00 89314.00 90593.00 15521.00 CLP Billion [+]
Deposit Interest Rate 3.80 3.60 48.68 1.75 percent [+]
Private Debt to GDP 198.60 201.20 201.20 137.70 percent [+]
Central Bank Balance Sheet 25942.00 26346.00 27125.00 10730.92 CLP Million [+]


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. This page provides - Chile Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Chile Interest Rate - actual data, historical chart and calendar of releases - was last updated on February of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
2.50 2.50 14.00 0.50 1995 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 8.00 Jan/18
Mexico 7.50 Feb/18
Russia 7.50 Feb/18
Brazil 6.75 Feb/18
India 6.00 Feb/18
China 4.35 Jan/18
Indonesia 4.25 Jan/18
Australia 1.50 Feb/18
South Korea 1.50 Jan/18
United States 1.50 Jan/18
Canada 1.25 Jan/18
United Kingdom 0.50 Feb/18
Euro Area 0.00 Jan/18
France 0.00 Jan/18
Germany 0.00 Jan/18
Italy 0.00 Jan/18
Netherlands 0.00 Jan/18
Spain 0.00 Jan/18
Japan -0.10 Jan/18
Switzerland -0.75 Jan/18


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