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Chile is one of the few Latin American countries whose monetary policy rates have stayed relatively low in the past decade. Monetary policy rate, also known as base interest rate or base rate, is a percentage defined by central banks to determine the cost of credit in a given economy. This indicator serves as a guide for other financial institutions to set their own interest rates. In 2018, the Central Bank of Chile set the monetary policy rate at 2.56 percent in 2018, slightly down from 2.67 percent a year earlier.