The American dollar opened today’s session at an average of 797.35 Chilean pesos, reflecting a 0.4% change from the previous day’s average of 800.54 Chilean pesos.

Last week, the American dollar rose by 2.21%, but over the past year, it has seen a 1.72% decline.

The Chilean peso has been the official currency of Chile since 1975 and is represented by the peso sign ($). The Central Bank of Chile regulates the amount of currency in circulation.

The Chilean currency dates back to 1817, after the country gained its independence. However, it was only in 1851 that the decimal system was established, dividing the Chilean peso into 100 cents. Today, the currency is counted in whole pesos.

Currently, there are coins of 5, 10, 50, 100, and 500 pesos in circulation. The 500 peso coin was the first bimetallic coin produced in the country. An attempt was made to produce 20 and 200 peso coins in 2009, but the project was rejected by Congress. In 2017, it was also decided to stop issuing the 1 and 5 peso coins.

In October 2018, the Central Bank of Chile announced the withdrawal of 100 peso coins, produced between 1981 and 2000, to reduce their coexistence with current currencies, although they remain valid.

In terms of the economy, Chile has experienced a strong tax response in 2021, resulting in a growth rate of 11.7%. This was driven by consumption due to the withdrawal of pension funds and direct tax support. Despite this, the labor market recovery has been slower, and inflation has affected Chile due to strong demand pressures, commodity price hikes, supply disruptions, and the depreciation of the peso. Ultimately, this has led to the country’s highest public debt in three decades, at 37%.

Looking forward to 2022, the growth rate of Chile’s gross domestic product (GDP) has slowed, and it is projected to shrink by 0.9% in 2023, according to the Economic Commission for Latin America and the Caribbean (Cepal).

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