The American dollar it is quoted at the start of sessions to 896.20 Chilean pesos on averagewhich implied a change of 1.35% when compared to the 908.45 Chilean pesos on average in the previous session.
In relation to the profitability of the last week, the American dollar recorded a decrease in 5.85%; on the other hand, in the last year it still maintains a rise in 8.86%. Regarding past days, it chains five consecutive sessions in negative. The volatility referring to the last week is higher than that accumulated in the last year, showing itself as an asset with greater changes than normal.
The recovery of the Chilean peso
The Chilean peso It is the legal currency of Chile since 1975, it resumes the use of the peso sign ($) and it is regulated by the Central Bank of Chile, which controls the amount of money minted.
The Chilean currency was established in 1817 after the country’s independence, but it was not until 1851 that the decimal system was established in the Chilean peso, which is now made up of 100 cents. As time has passed, the currency has been changing, but currently it is counted in whole pesos.
To date you can find coins of 5, 10, 50, 100 and 500 pesos, the latter was the first bimetallic coin produced in the country. In 2009, attempts were made to create 20 and 200 peso coins, but the project was rejected by Congress. Meanwhile, in 2017 it was approved to stop issuing the 1 and 5 peso coins.
Likewise, in October 2018, the Chilean Central Bank announced that it would initiate the withdrawal from circulation of 100 peso coinscreated between 1981 and 2000, in order to reduce their coexistence with current currencies, although they are still valid.
Regarding economic matters, Chile has suffered the blow from the SARS-CoV-2 pandemic, especially after closing 2021 with inflation of 7.2%, its highest level in 14 years and well above the Central Bank’s target of 3 percent.
Although for this 2022 the International Monetary Fund (IMF) has revised downward the growth of most Latin American countries, not so for Colombia, Peru and Chile, whose expectations continue to rise after showing surprising growth and recovery at the end of 2021.
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