Dollar in Chile: the peso closes the week with significant gains

Dollar in Chile: the peso closes the week with significant gains
Dollar in Chile: the peso closes the week with significant gains

Dollar in Chile (Illustrative Image Infobae)

Good end to the week for him weight in Chile that ended the session this Friday, May 24, trading higher against the dollar. The US currency lost one percentage point of its value against the Chilean currency.

He American dollar was paid at closing to 902.80 Chilean pesos on averagewhich implied a decrease of 1% compared to 911.90 pesos the previous day.

In reference to the profitability of the last seven days, the American dollar registers an increase in 1.62%%for this reason in the last year it still maintains an increase in 13.63%.

If we compare the value with previous dates, it interrupted the positive streak of market prices of the last two days. Regarding the volatility of the last few days, it presented a balance higher than the volatility shown by the figures for the last year, so that it presents greater variations than the general trend of the value.

After an economically stagnant yearChile could experience a rebound by 2024 and 2025, according to forecasts from the Organization for Economic Cooperation and Development (OECD).

He anticipates that the outlook will improve due to the rise in real wages due to the decrease in inflation and the fall in interest rates, allowing Chileans to increase their consumption.

It indicates that production will increase by 1.8% and 2.5% in 2025. The outlook is positive since business confidence has improved, as well as the demand for minerals, which will sustain exports. He estimates that the inflation It will reach the central bank’s goal in the second half of 2024, from then on it will decrease at a slower pace.

He Chilean peso It is the legal tender of Chile since 1975, it resumes the use of the peso sign ($) and is regulated by the Central Bank of Chile, which controls the amount of money created.

The Chilean currency was established in 1817 after the country’s independence, but it was not until 1851 that the decimal system was established in the Chilean peso, which is now made up of 100 centavos. As time has passed, the currency has changed, but Currently it is counted in whole pesos.

To date you can find coins of 5, 10, 50, 100 and 500 pesos, the latter was the first bimetallic coin produced in the country. In 2009, an attempt was made to create 20 and 200 peso coins, but the project was repudiated by Congress. Meanwhile, in 2017 it was approved to stop issuing 1 and 5 peso coins.

Likewise, in October 2018 the Chilean Central Bank announced that it would begin the withdrawal from circulation of 100 peso coinscreated between 1981 and 2000, in order to reduce their coexistence with current currencies, although they are still valid.

Regarding economic matters, Chile had a strong fiscal response in 2021, which allowed it to grow up to 11.7%, being one of the fastest recoveries in the world after the coronavirus pandemic. This situation is explained by consumption driven by the withdrawal of pension funds and direct fiscal support.

Despite this, recovery in the labor market has been slower and inflation has also affected Chile fueled by strong pressures on demand, increases in raw material prices, interruptions in supplies and the depreciation of the peso, which ultimately led to having the highest public debt in three decades ( 37%).

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