How much is the dollar in Chile? Here we tell you what the exchange rate is for this Friday, March 11, 2022, in the middle of a square marked by persistent global risk aversion in the face of the war between Russia and Ukraine, as well as by the new inflation data from the United States.
The dollar in Chile ended the day on Thursday, March 10, at 803.25 Chilean pesos, which meant a decline of 0.17%% compared to the session on Wednesday, according to data from Bloomberg.
“The market remains cautious, awaiting new developments around the conflict and observing the degree to which other Western countries, mainly European countries and the United States, are involved.”, said Gabriela Siller, director of analysis of the local Banco Base.
Until now, the West has placed heavy restrictions on Russia to shut down its economy and lock it out of the global financial system, making it an “uninvestable” country and encouraging companies to suspend sales, cut relationships and ditch investments.
The Chilean peso is the official currency of Chile, whose origins with the Central Bank of Chile as issuer date back to 1925.
Currently, coins of 10, 50, 100 and 500 Chilean pesos are in circulation. Those of 1 and 5 pesos have ceased to be issued since 2017.
To date, the bills that circulate in Chile are those of 1,000, 2,000, 5,000, 10,000 and 20,000 pesos.
The 1,000, 2,000 and 5,000 peso bills are made of a material known as polymer, which is soft and smooth to the touch. For the denominations of 10,000 and 20,000 pesos, cotton paper is used, which gives them a certain rough texture.
This year, Chile will have great political and economic challenges that the leftist Gabriel Boric will have to face, who came to power after winning the second presidential round on December 19, 2021, with 55.87% of the preferences over 44, 13% of his rival José Antonio Kast.
As for the Chilean economy, after recording its highest historical growth in 2021, it is now beginning to show signs of cooling down, due to the fact that in January it expanded less than expected and had its second consecutive month-on-month fall, the Central Bank said.
The Monthly Indicator of Economic Activity (Imacec), an index that brings together 91% of the goods and services of the Gross Domestic Product (GDP), registered in the first month of the year a decrease of 1% month-on-month and a growth of 9% with Compared to the same period of the previous year.
This is the second consecutive month-on-month fall after the 0.4% drop in December and the lowest year-on-year growth figure for ten months, which according to experts shows a slowdown in the economic recovery.
The market expected a year-on-year growth of 10.7% for the first month of the year and for the first time since March 2021 the Imacec does not grow in double digits.
“The Imacec for January is still historically high, but has gradually moderated”, indicated the Chilean Minister of Finance, Rodrigo Cerda, in the EFE agency.
“Going forward, what we are doing is converging to sustainable growth rates. This convergence, which is being rapid, also allows us to think of having inflation rates that are lowerCerda added.
On the political side, the government of Gabriel Boric will oversee the final stages of drafting a new constitution to replace the dictatorship-era Magna Carta that continues to define the nation.