Chilean central bank continues sharp policy tightening

Central Bank of Chile
Photo: Central Bank of Chile/Flickr

The Central Bank of Chile is continuing the policy tightening process it started in July to tackle above-target inflation.

The central bank’s board unanimously voted on December 14 to increase the monetary policy rate by 125 basis points to 4%. This mirrors the rate hike implemented in October.

In spite of the tighter policy approach adopted in the second half of the year, inflation remains stubbornly high. In November, it rose year on year by 6.7%, while the institution’s target is 3%.

Again

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