Chilean central bank makes surprise 75bp rate hike

Board takes interest rates to highest level since 1998

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

The Central Bank of Chile’s board voted unanimously to increase interest rates by 75 basis points after its monetary policy meeting on July 13.

As a result, the key policy rate stands now at 9.75%, the highest level since 1998. The board said it thought further rate hikes “will be necessary to ensure the convergence of inflation to 3% in two years”. The policy statement said the size of further hikes will depend on how macroeconomic conditions affect the central bank’s ability to hit its

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