Chile: Financial Sector Assessment Program—Detailed Assessment of Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies
IMF Staff Country Reports, October 21, 2004
Source details
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- Chile: Financial Sector Assessment Program—Detailed Assessment of Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies
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Bibliographic details
- Published: October 21, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451807615.002
Summary of assessment findings
- The assessment reveals a high degree of compliance with the IMF Code of Good Practices on Transparency in Monetary and Financial Policies.
- The objectives and responsibilities of the central bank are compliant with the Transparency Code.
- The target and instrument autonomy of the Central Bank of Chile is strong by virtue of being enshrined in the constitution.
- The process for monetary policy formulation, implementation, and communication is highly transparent.
Key thematic observations
- Central bank governance and legal framework:
- Constitutional enshrinement of target and instrument autonomy for the Central Bank of Chile.
- Clear delineation of the central bank's objectives and responsibilities consistent with the Transparency Code.
- Monetary policy process:
- High transparency in the formulation, implementation, and communication of monetary policy.
- Monetary policy instruments and objectives are publicly accessible and aligned with good-practice standards.
- Financial and institutional coverage:
- Subjects covered include Banking, Central bank legislation, Central banks, Currencies, Exchange rate arrangements, Exchange rate policy, Financial statements, Foreign exchange, Inflation targeting, Monetary policy, Monetary policy instruments, Money, Public financial management (PFM).