Currency and banking in Chile
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Chile |
The basic unit of currency is the Chilean peso (523 pesos equal U.S.$1; 2007 average). The peso was introduced in 1975 to replace the escudo. The Central Bank of Chile, established in 1926, issues Chile’s currency, and it has broad powers to regulate monetary policy. Other banks include a state bank and a number of commercial and development banks. |
In 2007 total annual exports were valued at $68.3 billion. Metals and mineral ores typically constitute nearly half of the export total. Other important exports include fruits and vegetables, wood pulp and paper products, and chemicals. In 2007 imports were valued at $47 billion. Principal imports are machinery and transportation equipment, electric equipment, mineral products, and chemicals. Chile’s chief trading partners for exports are the United States, Japan, the United Kingdom, China, Brazil, and Mexico. Principal sources for imports are the United States, Argentina, Brazil, China, Germany, Mexico, and Japan. |
Chile is a member of several international trade organizations, including the Asia-Pacific Economic Cooperation (APEC) and the Latin American Integration Association (LAIA). Chile is also an associate member of Southern Cone Common Market (known by its Spanish acronym, MERCOSUR). Encarta |
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Chilean peso. |
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