MNI BCCh Review – Apr 2025: Statement Strikes More Dovish Tone

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Executive Summary

• The Board of the Central Bank of Chile decided to keep the monetary policy interest rate unchanged at 5.00%, as expected. The decision was unanimous and represented the third consecutive rate hold.
• The statement struck a more dovish tone, emphasising the uncertainties to the outlook due to the US administration’s tariff policies, while highlighting the need to remain cautious.
• Most analysts see the central bank resuming the easing cycle in the second half of this year, although some cite risks of an earlier June move. Sell-side forecasts are converging around a year-end rate between 4.25-4.50%.