*The governing board of Chile’s central bank (BCCh) has unanimously opted to reduce interest rates by 75 basis points to 6.50%. This follows a reduction of 100 basis points in January, 75 basis points in December, 50 basis points in October, and 75 basis points in September. The BCCh began reducing the benchmark interest rate in July last year, after maintaining a rate of 11.25% since October 2022. In a statement, the BCCh maintained forecasts which show annual inflation, which closed 2023 at 3.90%, converging to the 3.00% target, although it noted with regard to inflation that “rising inflation figures at the beginning of the year and increased imported cost pressures underline the need to continue closely monitoring its evolution”.
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