LatinNews Daily - 27 October 2023

In brief: Chile lowers interest rates

* Chile’s central bank (BCCh) has announced that it is reducing its benchmark interest rate by 50 basis points to 9%. This follows a reduction of 75 basis points in September and of 100 basis points in July. Prior to that, the rate had been maintained at 11.25% since October 2022. In a statement, BCCh noted that it had decided to slow the pace of interest rate cuts as financial conditions have deteriorated worldwide. The central bank board also agreed to suspend its programme to build up international reserves through dollar purchases. Bloomberg cites this programme as one of the factors that have contributed to the weakening of the peso, which has depreciated by 9% in respect to the board’s previous meeting on 6 September.

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