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The Chilean peso (CLP), The official currency
of Chile, replaced the escudo in 1975 (which replaced the old peso in 1960.) Since 1998 Chile's many external shocks has caused the peso to depreciate against the USD. These shocks include the 1997-98 Asian economic crisis, the economic turmoil in Argentina, the collapse of the global commodity markets resulting in falling copper prices, the banking and currency collapse in Uruguay, and the devaluation of the Brazilian real in 1999. However, the Chilean peso has very gradually depreciated acting as a shock absorber through all these external pressures. Also, the banking sector is highly controlled, which also provides stability to the economy. Presently, a floating exchange rate is in place after the previous crawling exchange peg (to the USD) was removed in 1999. This was in response to the Asian financial crisis and the collapse of copper prices during that time.oreign currencies can be exchanged at the airport or in some of the big hotels, but often a higher commission is charged. To take advantage of a lower commission you should exchange your money in one of the banks or at a bureau de change.
The single European currency (Euro): The Euro is the official currency of 12 European Union member states (including France). •The first euro notes and coins came into circulation in January 2005, and entirely replaced the French franc on 17 February 2002. Euro (€) = 100 cents. |
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