Mario Marcel: Chile's March 2018 Monetary Policy Report

Presentation by Mr Mario Marcel, Governor of the Central Bank of Chile, before the Finance Committee of the Honorable Senate of the Republic, Santiago de Chile, 2 April 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
15 May 2018

Mr. President of the Senate's Finance Commission, senator Juan Pablo Letelier, senators members of this Committee, ladies, gentlemen,

I am grateful for your invitation to present the vision of the Board of the Central Bank of Chile on the latest economic developments, their perspectives and implications for monetary policy. This vision is contained in detail in our Monetary Policy Report (the Report) of March 2018.

First and foremost, let me introduce to you our new Board member Mr. Alberto Naudon, who became part of the Board only a few days back, after being unanimously recommended by this Committee and then his appointment approved, also unanimously, by the Senate.

It is worth noting that this is the first time we present the Report under the new monetary policy scheme that we began this year and under which we have tied its release with the monetary policy meetings. With these changes, we have significantly increased the information we deliver, establishing its relationship with monetary policy decisions more clearly. The greater transparency required by this scheme makes it necessary for the dates of our Meetings and the subsequent publication of the Monetary Policy Report to be communicated to the market well in advance, so that there are no surprises in this regard. For the same reason, as was the case with this Report, the time span between the Report's publication and this presentation has been a little longer. Please note that we see this delay as a one-time thing and we are willing to attend this Committee to present our Monetary Policy Reports with all the haste that you may require. We have used this opportunity to add some information that came after the Report's cutoff date to this presentation, plus some issues that have come up in the days following its publication. Thus, we look forward to an exchange with the Committee as enriching as it can be.