Rosanna Costa: Chile's June 2025 Monetary Policy Report

Presentation by Ms Rosanna Costa, Governor of the Central Bank of Chile, before the Finance Commission of the Honourable Senate of the Republic, Santiago de Chile, 18 June 2025.

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

Introduction

Madam President of the Senate's Finance Commission, senators members of this Commission, ladies, gentlemen,

As I usually do, I would like to begin by thanking the Commission for periodically inviting the Central Bank to present its views on recent macroeconomic developments, as well as the outlook and implications for monetary policy. This is the view that is presented in detail in the June 2025 Monetary Policy Report (MPR), which was published this morning.

Today's IPoM is set against a global backdrop that has become considerably more uncertain. The wide-ranging increase in tariffs announced by the United States in early April has had significant repercussions on the external scenario.

Although the impact of these events on global activity remains to be seen, there is a consensus that it will be negative and will affect the American economy the hardest.