Banco Central Holds Benchmark Rate at 4.5% — Third Consecutive Hold

Chile's Central Bank held its benchmark policy rate at 4.50% for the third consecutive monetary policy meeting on April 28, 2026 — the lowest level since Q1 2022. The decision reflected the Board's assessment that inflationary pressure from March's dramatic fuel price increases (gasoline up 32%, diesel up 62%) had not yet filtered fully into expectations, while tightening further risked over-correction. Analysts polled by Bloomberg had expected a hold; the decision underscored the difficult balancing act facing the new Kast administration, which inherited both a fragile economy and a politically charged fuel pricing environment that had already triggered cacerolazos (pot-banging protests) in March and April.