In this page

  • Calendar of Monetary Policy Meetings 2020

  • Monetary Policy Meetings 2020 Press Releases and Minutes

  • Transcripts of the Monetary Policy Meetings

The main purposes of the Monetary Policy Report are the following: (i) inform and explain to the Senate, the Government and the general public the opinion of the Board of the Central Bank on the recent and expected evolution of inflation and its consequences for the direction of monetary policy; (ii) publicly present the mid-term analysis framework employed by the Board in the formulation of monetary policy; and (iii) provide useful information for the formulation of the expectations of economic agents concerning the future trajectory of inflation and the product.

The Report is published quarterly both in Spanish and English, in March, June, September and December, and focuses on the main factors influencing the inflation trajectory. These include the international environment, financial conditions, prospects for aggregate demand, activity and employment and recent developments in prices and costs, and a summary of the analysis’s implications for the prospects and risks concerning inflation and economic growth over the next eight quarters. Furthermore, the Report also includes text boxes with more detailed considerations on issues relevant to the assessment of inflation and monetary policy.


Monetary Policy Report December 2020



The main objectives of this Monetary Policy Report are: (i) to inform and explain to the Senate, the Goverment and the general public the Board’s view of recent and expected inflation trends and their consequences for the conduction of monetary policy; (ii) to publicly explain the medium-term framework used by the Board of the Central Bank to formulate monetary policy; and (iii) to provide information that is useful in the formulation of economic agents’ expectations regarding future inflation and output trends.

The Monetary Policy Report is a quaterly issue that comes out on March, June, September and December, focussing on the main factors influencing inflation trend, which include the international scenario, financial conditions, aggregate demand prospects, activity and employment, and recent evolution of prices and costs, as well as a summary with the consequences of this analysis, on inflation prospects and risks over economic growth for the next eight quarters. Some boxes are also included presenting more detailed considerations on relevant matters to evaluate the inflation trend and the monetary policy.

More information in Spanish version