Chile continues lowering rates, despite weakening peso
Central bank also halts reserves accumulation, citing market turmoil
The Central Bank of Chile (BCCh) continued loosening its monetary policy yesterday (October 26) with its third consecutive rate cut. Its board unanimously agreed to a 50 basis point reduction, bringing the policy rate to 9%.
The board also suspended the programme to rebuild the central bank’s international reserves, which began in June, due to market instability.
Since July, the central bank has lowered its monetary policy rate by 225bp. Yesterday’s cut was smaller than those in July and
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