Chilean peso

The Chilean peso (CLP) is the official currency of Chile. The symbol for the peso is "$", and its ISO 4217 code is CLP. The peso is subdivided into 100 centavos, although centavo coins are no longer in circulation.

History

The first Chilean peso was introduced in 1817, following the country's independence from Spain. It replaced the Spanish colonial real at a rate of 1 peso = 8 reales. The peso was initially pegged to the British pound and later to the United States dollar.

In 1960, the peso was replaced by the escudo at a rate of 1 escudo = 1000 pesos. However, due to high inflation, the peso was reintroduced in 1975, replacing the escudo at a rate of 1 peso = 1000 escudos.

Coins

The current series of coins was introduced in 1981. The most commonly used coins are in denominations of 10, 50, 100, and 500 pesos. Coins of 1 and 5 pesos are also legal tender but are rarely used in everyday transactions.

Banknotes

The current series of banknotes was introduced in 2009 and 2010. The most commonly used banknotes are in denominations of 1000, 2000, 5000, 10000, and 20000 pesos. These banknotes feature prominent Chilean historical figures and landmarks.

Economy

The Chilean peso is managed by the Central Bank of Chile, which is responsible for monetary policy and the issuance of currency. The economy of Chile is one of the most stable and prosperous in South America, with a high level of foreign trade and investment.

Exchange Rates

The value of the Chilean peso fluctuates based on market conditions. It is commonly traded against major currencies such as the United States dollar, the euro, and the Japanese yen.

See Also

• Economy of Chile
• Central Bank of Chile
• List of currencies
• ISO 4217

External Links

This currency related article is a stub. You can help WikiMD by expanding it.