Chilean Peso

Overview

The Chilean Peso (CLP) is the official currency of Chile. The symbol for the Peso is $. The Peso is divided into 100 centavos, but there are no centavo coins in circulation.

Economy

• The World Bank classifies Chile as an upper income economy.
• Chile’s economy is prosperous and stable.
• The GDP is rated the highest in Latin America.
• The main industries are textile, cement, fish processing, minerals, copper, wood, foodstuffs, and transportation equipment.
• Export products are wine, crude oil, copper, pulp and paper, fish products, and copper.
• Import products are telecommunications, electrical goods, vehicles, chemicals, and natural gas.
• Chile produces salmon and is rated the 2nd largest producer in the world.
• Agriculture and mining account for 22.5% of the GDP.
• The main source of income for Chile is the service industry, which accounts for 54% of the GDP.
• Agricultural products for Chile are apples, onions, corn, wheat, oats, fish, timber, asparagus, garlic, and beef.
• It is said that by 2012 the agricultural exports of Chile will be 74% duty-free.

History

• In 1817, the first edition of the Peso was introduced and was valued against the Spanish Real.
• In 1851, the Peso equaled 5 French francs.
• In 1960, the Peso was replaced by the Escudo at a rate of 1,000 Pesos = 1 Escudo.
• In 1975, the second edition of the Peso was introduced to replace the escudo. 1,000 escudos = 1 peso.
• Until 1984, the Peso was divided into 100 centavos.
• In 2011, a new 1,000-peso banknote was issued.