This paper analyses the evolution of the monetary policy of the Central Bank of Chile (CBCh) between 1925 and 1932. By focusing on the minutes of the weekly sessions of the CBCh’s Board as well as the CBCh’s annual report, we provide an alternative narrative which explains the progressive rejection of the monetary orthodoxy, not as a response to the progressive downfall of the international monetary system in the 1930’s, but from the point of view of different economic sectors’ interests (e.g., banks, government, working-class unions). Our paper also shows the limits of contemporary theories on central bank independence due to their sole emphasis on the relationships with the State.