Monetary Policy Meeting - Central Bank of Chile
At the Monetary Policy Meeting (MPM) the Board of the Central Bank of Chile decides on changes to the Monetary Policy Rate (MPR). In September 2017, the Board decided that starting in 2018 there will be eight MPM per year, instead of 12. The new meeting frequency is in line with the most common practice in central banks of economies with low inflation. Additionally, the MPM has been extended from one day to one and a half days, beginning the afternoon of the first day and ending on the afternoon of the second day with the announcement of the policy decision. However, in meetings that coincide with the publication of a Monetary Policy Report, that is, in March, June, September, and December, the MPM will take place during one day. The dates of the MPM and the publication dates of the Monetary Policy Reports and Financial Stability Reports for the next calendar year are announced in September.
Monetary policy decisions are informed to the public through a statement published in the Institution's website starting at 6:00 p.m. in the last day of the MPM. The statement includes details on the economy’s performance, the rationale sustaining the Board’s decision, and the vote count. The MPM minutes, which summarize the economy’s performance and the main points reviewed in the meeting, and include the main charts presented by the Bank’s Research Division, the policy options considered by the Board and the rationale that justifies their policy decision, are published eleven bank business days after each MPM.
In accordance with the Bank´s transparency policy, the minutes of the monetary policy meetings -in Spanish- are being published, after ten years they took place, following an annual sequence as of March of each year. The minutes include a synthesis of the current economic and financial situation, the Research Division projections, the Monetary Policy Rate, MPR, options to adopt, the discussions held by the participants in each meetings, identifying the personal opinion and the vote of each Board Member; and the final release of the MPR decided by the Board.
Finally, MPM transcripts will be published at a ten year lag. These contain detailed and opinions on issues that were discussed by participants in each MPM. Meeting transcripts will be released annually every March, starting in March 2018.
Calendar of Monetary Policy Meetings 2019
|2019 Monetary Policy Meetings||Press releases||Minutes|
|January 29-30||January 30||February 14|
|March 29||March 29||April 15|
|May 8-9||May 9||May 27|
|June 7||June 7||June 24|
|July 17-18||July 18||August 2|
|September 3||September 3||September 23|
|October 22-23||October 23||November 11|
|December 6||December 6||December 23|