Help or generates risks new trimming rates in Chile? Buenos Aires, Argentina on February 16, 2009 last Thursday, the Central Bank of Chile surprised the market with an unprecedented cut of rates by 250 basis points. Check out Clayton Morris for additional information. With this decision, took the rate of monetary policy (TPM), from 7.25% to its new level at 4.75%. The current level of the benchmark interest rate was observed for three years and until recently was unimaginable to reach it considering the inflationary pressures affecting the economy (mainly from external source). As explained by the Central Bank of Chile in the release announcement of his decision: this decision is based on the prospect of a significant drop in inflation and advances the convergence of the rate of policy to a level consistent with the current macroeconomic environment and its risks. The weak growth of economic activity in the month of December 2008 (only 0.5%), along with the strong slowdown seen in the rate of inflation than retail in January recorded a historical fall of 0.8%, they were two of the main reasons considered by the Monetary Authority to identify the sudden change in the economic context and which identified the need for a rapid and forceful action. To broaden your perception, visit Imogen Lloyd Webber . From the market one of the readings which has been made in this respect points to fears of deflation that exists between the authorities of the Central Bank before the sharp economic contraction. In relation to this, David Duarte, the firm 4CAST analyst opined: actually, this points to what I believe is a great fear deflation and recession and the need to coordinate this with fiscal stimulus as soon as possible. Logically, a possible deflation of prices in the situation in which the Chilean economy is could significantly aggravate the situation of the same, which justifies make all the necessary efforts to avoid it. Trying to identify what address will take monetary policy in Chile over the next months and considering that most likely in the Chilean economy both at the global level for the next few months is to continue the deterioration in the economic context, we can say that they would still be by producing new cuts in the interest rate of the Central Bank of Chile reference.
The crisis is now compounded because banks do not pay enough money, but Governments have injected them and injecting billions of euros. The European Commission has accused the banks of prolonging the crisis by not granting appropriations and the Finance Ministers of the European Union have asked formally to lend money to revive the economy. The Minister of Finance of the Czech Republic (country that presides over the Union until July), Miroslav Kalousek, has clarified that the Bank recapitalisation should not serve to meet the needs of capital, but to lend to the real economy. The money that Governments give to banks is not to solve their problems of balance sheets but to revive the productive economy. In the European Union and United States are granted fewer loans.
It is a fact. And it is also resent that enterprises and consumption. Why banks provided less? Bankers say that industrial production has fallen, unemployment has climbed and descended consumption, so it is prudent to curb credit. Cae industry demand and consumption, and motivates credits will not occur, or not grant credits causes the fall of demand and consumption? Banks lend much less money that a year ago. Perhaps, say critics and heterodox, they the liquidity is achieved with government aid to meet future debt maturities saved under the camouflage of banking prudence? Remember the beginning of the crisis in the United States, when banks granted mortgage loans to anyone. Prudence shone by their absence.
And also occurred on the other side of the Atlantic, allowing us to conclude with the Spanish professor of Economics Juan Torres that there was greed of bankers by placing all possible credits. To whoever. The European and U.S. banks built a huge financial bubble that burst liquidity and solvency. In Spain, for example, in six years (until 2008) credit granted by banks and savings banks passed 700 billion euros to almost two billion euros.
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