LeoGlossary: Chilean peso
The peso is the currency for Chile.
It started circulating, in this form, in 1975. The previous version lasted from 1817 to 1960.
The ISO 4217 code if CLP. Most denote the peso with the $ symbol (with either one or two bars going through it).
Originally the peso could be subdivided into centavos but that was eliminated in 1984.
Historically, it has most floated freely as compared to the USD. There are times, however, when the central bank can step in and peg it.
From 1974-1979, the peso floated freely against the USD but within a crawling band. At that point, until 1982, it was pegged to the USD at a fixed rate. In 1984, through 1999, the peso was returned to the crawling bands model.
Starting in September 1999, the peso was allowed to float freely against the USD. There were two periods where the central bank did intervene, 2001 after the 9/11 attacks and during the 2002 Presidential election.
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