Glossary: Chilean peso

DEFINITION:
(Ch$) Chile’s currency. Replaced escudo on September 29, 1975, at a rate of 1,000 escudos per peso. Peso notes are for 500, 1,000, 5,000, and 10,000 pesos; coins are for 1, 5, 10, 50, and 100 pesos. Official exchange rate of Chilean peso was pegged to United States dollar until July 3, 1992, at a rate adjusted at daily intervals and determined by monthly rates of national and world inflation. On January 26, 1992, the Central Bank (q.v.) revalued the peso, reducing the official dollar exchange rate by 5 percent, which meant it dropped from 395 to 375 pesos. On July 3, 1992, the Central Bank, in a move designed to halt currency speculation, announced the peso would no longer be measured exclusively against the United States currency, but rather would use a basket of the dollar, the German mark, and the Japanese yen in a 50-30-20 ratio.

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