June Monetary Policy Meeting

CHILE - In Brief 20 Jun 2016 by Igal Magendzo
As widely expected, in its June Monetary Policy Meeting, the Central Bank of Chile kept the Monetary Policy Rate (MPR) unchanged at 3.5%. The communiqué corroborates that the Central Bank is in a wait-and-see stance. Nevertheless, the tone has become more and more dovish. No doubt that the Brexit occupied a privileged place in the discussion. According to the communiqué, the global environment is uncertain, economic activity "bounded", the labor market worsened and inflation will fall below 4% sooner than later. While the closing paragraph ensures that the MPR will be adjusted as described in the last Monetary Policy Report, we think the rate will stay at 3.5% at least for the remainder of the year.

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