LatinNews Daily - 01 February 2024

In brief: Chile further lowers interest rates

*Chile’s central bank (BCCh) has announced that it is reducing its benchmark interest rate by 100 basis points to 7.25%. This follows a reduction of 75 basis points in December, 50 basis points in October, and 75 basis points in September. The BCCh began reducing the interest rate in July last year after having maintained a rate of 11.25% since October 2022. Four of the five BCCh board members supported the latest rate cut, while one voted to reduce it by 125 basis points to 7%. In a statement, the BCCh maintained forecasts which show annual inflation, which closed 2023 at 3.9%, converging to the 3% target in the second half of 2024although it noted that the target is expected to be met "earlier than anticipated".

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