Mario Marcel: Central Bank of Chile's Annual Report

Presentation of Central Bank of Chile's Annual Report by Mr Mario Marcel, Governor of the Central Bank of Chile, before the Honorable Senate of the Republic, Santiago de Chile, 1 September 2021.

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

I. Introduction

Madam President of the Senate, Senator Ximena Rincón, Honorable Senators, ladies, and gentlemen,

On behalf of the Board of the Central Bank of Chile (CBC), I thank you for your invitation to present the report that, in accordance with the Constitutional Organic Law of the CBC, we must deliver annually to the Senate. In compliance with this obligation, the following presentation includes our vision of the recent macroeconomic and financial events of the Chilean and international economy, as well as their perspectives and implications for the conduct of monetary policy, as depicted in the Monetary Policy Report (MP Report) of September 2021. Next, we will present some advances in improving regional economic information and conclude with a review of the achievements and challenges of macroeconomic policy in the face of the crisis caused by the Covid-19 pandemic.

The September MP Report document also contains a more detailed review of the CBC's balance sheet, an account of the economic projections of last year's reports, an overview of the main decisions adopted by the Board so far in 2021 and information on the administration of international reserves. These issues we will only partially cover in this presentation in view of time constraints.