Chilean central bank makes surprise 75bp rate hike
Board takes interest rates to highest level since 1998
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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