Mario Marcel: Chile's September 2017 Monetary Policy Report

Presentation by Mr Mario Marcel, Governor of the Central Bank of Chile, of the Monetary Policy Report before the Honorable Senate of the Republic, Santiago de Chile, 6 September 2017.

Central bank speech  | 
20 October 2017

Introduction

Mr. President of the Senate, Senator Andrés Zaldívar, honorable senators, ladies, gentlemen,

Thank you for inviting the Board of the Central Bank of Chile to present our September Monetary Policy Report.  As is the case every September, its publication coincides with the annual report that, as provided for in the CBC's Organic Law, we must submit to the Senate. The report I will be summarizing for you now depicts the Board's vision about the recent macroeconomic and financial developments in Chile and the world, together with prospects and implications for the conduct of monetary policy. It also includes the CBC's financial results for the first half of the year, plus the results of international reserves management and a summary of the main decisions adopted by the Board this year to date. 

This presentation will describe two additions to the traditional report, namely an analysis of the determinants of trend GDP in Chile -as a supplement to the Report- and some refinements that the Board has decided to apply to the monetary policy process, summarized in a box alongside the main text.

With these additions, we reaffirm the Board's decision to not only disclose rigorously how the institution is managed, but also use its autonomy to improve the quality and transparency of its processes beyond what it is strictly required by law.