LatinNews Daily - 14 July 2022

In brief: Chile raises interest rates again

*Chile’s central bank (BCCh) has raised the country’s benchmark interest rate from 9.0% to 9.75% in response to mounting inflation. The latest rate hike is the seventh steep increase since October 2021, when the interest rate stood at 1.5%. In a statement, the BCCh announced that the decision, which was adopted unanimously by the bank’s board, was due to the “deterioration in global financial conditions [being] faster and more intense than expected”. The BCCh added that further increases to interest rates would be necessary to “ensure the convergence of inflation to 3% in two years”. Inflation in Chile has continued rising, with annual inflation reaching 12.5% in June 2022.

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