Rosanna Costa: Central Bank of Chile's Annual Report

Presentation of Central Bank of Chile's Annual Report by Ms Rosanna Costa, Governor of the Central Bank of Chile, before the Honorable Senate of the Republic, Santiago de Chile, 7 September 2022.

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

Introduction

Mr. President of the Honorable Senate, senator Álvaro Elizalde, honorable senators, on behalf of the Board of the Central Bank of Chile, I thank you for your invitation to present this year's Annual Report in accordance with the Bank's Constitutional Organic Law.

In compliance with this mandate, in what follows I will share with you our view of recent macroeconomic and financial developments in the Chilean and international economies, as well as their outlook and implications for monetary policy conduct, as contained in our September 2022 Monetary Policy Report. As is customary at this time of the year, the Report features a more detailed review of the Bank's balance sheet, an account of the main decisions adopted by the Board in 2022 to date, and information on the management of international reserves.

Just three days ago, Chilean voters rejected the proposal for a new Political Constitution drafted by the Constitutional Convention. It has been a long and intense process of deeply reflecting on Chile and how each one of us can contribute to its development and the wellbeing of its people.

With respect to the Central Bank, and as we have done on previous occasions, we value the widespread recognition expressed during this process in terms of its autonomy, its objectives and functions, and its eminently technical nature. The commitment of all of us who are part of this institution has been and will continue to be to contribute to the welfare of our country and achieving the objectives of ensuring price stability and the normal functioning of internal and external payments.