The Chilean exchange market was one of those that suffered the effects of the COVID-19 pandemic. (Infobae)
Today, the euro is paid at the start of sessions at 864.47 Chilean pesos on average, so it represented a change of 0.4% compared to the 860.99 Chilean pesos on average of the previous session.
Regarding the last seven days, the euro it marks an increase of 0.73% although, on the contrary, in interannual terms it still maintains a decrease of 1.91%.
If we compare the value with past days, it ends two consecutive sessions with a negative trend. In reference to the volatility of the last week, it is 8.72%, which is a notably lower figure than the annual volatility data (17.53%), so we can say that it is going through a period of greater stability in the last dates.
The Chilean peso has been the legal currency of Chile since 1975, it resumes the use of the peso sign ($) and is regulated by the Central Bank of Chile, which controls the amount of money created.
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 changed, but currently It is recorded 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 an attempt was made to create coins of 20 and 200 pesos, but the project was repudiated 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 the 100-peso coins manufactured between 1981 and 2000, in order to reduce their coexistence with current currencies, although they are still in force.
Regarding economic matters, Chile had a strong fiscal response in 2021, which allowed it to grow up to 11.7%, being one of the fastest recoveries in the world after the coronavirus pandemic. This situation is explained by consumption driven by the withdrawal of pension funds and direct fiscal support.
Despite this, the recovery in the labor market has been slower and inflation has also affected Chile, fueled by strong pressure on demand, increases in the prices of raw materials, interruptions in supplies and the depreciation of the peso, which which finally led to having the highest public debt in three decades (37%).
By 2022 the growth of the Gross Domestic Product (GDP) slowed down and this trend could continue according to the latest forecast of the Economic Commission for Latin America and the Caribbean (Cepal), which has said that by 2023 this South American nation will decrease 0.9 percent.