How much is the dollar worth in Chile: check here the exchange rate for today, May 8

How much is the dollar in Chile? Here we tell you what the exchange rate is for this Sunday, May 8, after the US Federal Reserve raised its reference interest rate by half a percentage point, to contain inflation.

The dollar in Chile ended its last day of May at 860.90 Chilean pesoswhich meant an increase of 0.77% compared to its previous session, according to data from Bloomberg.

The U.S. Federal Reserve raised benchmark interest rates by half a percentage point on Wednesday, the first such hike since 2000, to try to rein in record inflation, saying further hikes would be “justified” going forward.

The rates were in a range of 0.75% to 1%, according to the official statement issued at the end of a two-day meeting of the Federal Reserve Monetary Policy Committee (FOMC).

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 will face the leftist Gabriel Boric, 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.

Inflation in Chile soared in March. The National Institute of Statistics (INE) reported that the Consumer Price Index (CPI) recorded a monthly rise of 1.9% -well above market forecasts-, registering its highest monthly rise since October 1993 (2, 6%), in almost 30 years.

With this, the accumulated rise in the CPI so far this year reached 3.4%, while the annual rise reached the powerful figure of 9.4% (its highest level since October 2008), very close to reaching 10% that the Central Bank predicted would be reached in the middle of this year.

Among the divisions with increases in their prices, food and non-alcoholic beverages stood out (3.9%), with 0.800 percentage points (pp.), and education (6.6%), with 0.419 percentage points.

For its part, the Chilean economy expanded 7.2% in March over the same month in 2021, the Central Bank indicated, a result that exceeded expectations amid rising prices and thanks to the boost from the services sector.

The Monthly Index of Economic Activity (Imacec), which prefigures the GDP figures, showed that the result “was mainly explained by the increase in service activities. Meanwhile, the production of goods fell, mainly affected by mining and other goods.

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.