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Chilean Peso Suffers from Policy Outlook

December 19, 2016 at 18:17 by Vladimir Vyun

10,000-peso bills fanThe Chilean peso declined against the US dollar today after the nation’s central bank revised its growth outlook down and expressed a dovish monetary policy outlook.

The Central Bank of Chile released its Monetary Policy Report for December today. In it, the central bank predicted that Chile’s gross domestic product will rise 1.5%-2.5% in 2017, down from 1.75%-2.75% in the previous forecast. As for monetary policy outlook, the central bank said that its expectations are in line with market forecasts, which point at two 25-basis-point interest rate cuts over the next two years, and stated:

With that, we assure that monetary policy will continue to be expansive throughout the policy horizon.

USD/CLP rose 0.48% to 676.81 as of 18:07 GMT today.

If you have any questions, comments or opinions regarding the Chilean Peso, feel free to post them using the commentary form below.

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