|
Date
|
Changes
to the exchange rate regime
|
Chilean Peso per U.S. dollar
|
| 1 January 1960 | The Chilean Escudo (E) was created to replace the Peso at a ratio of 1 Escudo to 1000 Peso. The Official Rate for the Escudo was aligned to E1.05 per U.S. Dollar. (WCY 1984, p.162) | |
| 15 January 1962 | A dual exchange rate system was reintroduced, establishing a fixed Banking Rate of E1.051/1.053 per U.S. Dollar and a freely fluctuating Brokers' Rate initially trading at E1.40 per U.S. Dollar. (WCY 1984, p.162) | |
| 15 October 1962 | The Banking Rate was allowed to depreciate along with the Brokers' Rate. (WCY 1984, p.162) | |
| April 1965 | Central Bank intervention was resumed, initiating a policy of gradual, periodic and systematic devaluations of the Escudo. (WCY 1984, p.162) | |
| 1967 | By the middle of 1967, the exchange rate in the two markets was being depreciated almost biweekly until July 1970. (WCY 1984, p.162) | |
| 28 July 1970 | The Banking Rate of Escudo was E12.21/12.23 per U.S. Dollar, and the Brokers' Rate was E14.33/14.35 per U.S. Dollar. (WCY 1984, p.162) | |
| January 1971 | The policy of minidevaluations via the crawling peg was suspended and officially abandoned. (WCY 1984, p.162) | |
| 26 July 1971 | The Brokers' Rate was cut from E14.33/14.35 per U.S. Dollar to E28.00/28.06 per U.S. Dollar. (WCY 1984, p.162) | |
| 15 August 1971 | Following the floating of U.S. Dollar, the Escudo maintained its link to the American unit, thus effecting devaluation. (WCY 1984, p.162) | |
| 10 December 1971 | The Escudo was partially devalued, as four new trade rates were established. (WCY 1984, p.162) | |
| 28 December 1971 | Because the devaluation of the U.S. Dollar, the gold content of the Escudo was theoretically reduced 7.89%, paralleling the American unit's devaluation and retaining the existing Escudo values respect to U.S. Dollar. (WCY 1984, p.162) | |
| 17 May 1972 | A Tourist Rate for foreigners and a Resident Travel Rate for Chilean was established, while on 2 August and 7 August a series of partial devaluations created a battery of new multiple exchange rates. (WCY 1984, p.162) | |
| February 1973 | Following the U.S. Dollar devaluation, Santiago (Capital of Chile) made no changes in the exchange rate structure of the Escudo, thereby the gold content was reduced by 10%. (WCY 1984, p.162) | |
| 26 July 1973 | The Banking Rate and the Brokers' Rate were unified into a single Mercado de Divisas with seven multiple rates, which were subsequently devalued. (WCY 1984, p.162) | |
| 1 October 1973 | All multiple rates were abolished, and a two-tier exchange market with periodic minidevaluation was again established, reinstating the Banking Rate (Mercado Bancario) for foreign trade transactions, as well as the Brokers' Rate (Mercado de Corredores) used for tourism and specified payments along with an exchange tax. (WCY 1984, p.162) | |
| 21 March 1974 | The exchange tax reduced to 13.15%. (WCY 1984, p.168) | |
| 6 August 1974 | A subsidiary Coper Export Rate for red mental sales abroad was merged with the Banking Rate. (WCY 1984, p.162) | |
| 6 August 1974 | A subsidiary Coper Export Rate for red mental sales abroad was merged with the Banking Rate. (WCY 1984, p.162) | |
| 27 January 1975 | The exchange rate in the banking market was changed from E1870 to E2150 per US$1 and that in the brokers' market from E2000 to E2350 per US$1. (IMF 1976, p.118) | |
| 12 February 1975 | The exchange rate in the banking market was changed to E2320 per US$1 and that in the brokers' market to E2550 per US$1. (IMF 1976, p.118) | |
| 1 March 1975 | The exchange tax was abolished. (WCY 1984, p.162)
The exchange rate in the brokers' market was changed to E2900 per US$1. The rate in the banking market remained unchanged at E2320 per US$1.
The exchange tax of 18.5% on sales of exchange in the banking market for transfer of profits and dividends were eliminated. (IMF 1976, p.119) | |
| 7 March 1975 | The exchange rate in the banking market was changed to E2550 per US$1 and that in the brokers' market to E3150 per US$1. (IMF 1976, p.119) | |
| 15 March 1975 | The exchange rate in the banking market was changed to E2750 per US$1 and that in the brokers' market to E3400 per US$1. (IMF 1976, p.119) | |
| 19 March 1975 | The exchange rate in the banking market was changed to E3250 per US$1 and that in the brokers' market to E3700 per US$1. (IMF 1976, p.119) | |
| 4 April 1975 | The exchange rate in the banking market was changed to E3500 per US$1 and that in the brokers' market to E3900 per US$1. (IMF 1976, p.119) | |
| 23 April 1975 | The exchange rate in the banking market was changed to E3800 per US$1 and that in the brokers' market to E4200 per US$1. (IMF 1976, p.119) | |
| 5 May 1975 | The exchange rate in the banking market was changed to E3900 per US$1 and that in the brokers' market to E4300 per US$1. (IMF 1976, p.119) | |
| 12 May 1975 | The exchange rate in the banking market was changed to E4100 per US$1 and that in the brokers' market to E4500 per US$1. (IMF 1976, p.119) | |
| 23 May 1975 | The exchange rate in the banking market was changed to E4300 per US$1 and that in the brokers' market to E4800 per US$1. (IMF 1976, p.119) | |
| 10 June 1975 | The exchange rate in the banking market was changed to E4600 per US$1 and that in the brokers' market to E5100 per US$1. (IMF 1976, p.120) | |
| 24 June 1975 | The exchange rate in the banking market was changed to E5000 per US$1 and that in the brokers' market to E5500 per US$1. (IMF 1976, p.120) | |
| 10 July 1975 | The exchange rate in the banking market was changed to E5300 per US$1 and that in the brokers' market to E5800 per US$1. (IMF 1976, p.120) | |
| 17 July 1975 | The exchange rate in the banking market was changed to E5500 per US$1 and that in the brokers' market to E6000 per US$1. (IMF 1976, p.120) | |
| 24 July 1975 | The exchange rate in the banking market was changed to E5700 per US$1 and that in the brokers' market to E6000 per US$1. (IMF 1976, p.120) | |
| 8 August 1975 | The exchange rate in the banking market was changed to E5800 per US$1; that in the brokers' market remained unchange at E6000 per US$1. (IMF 1976, p.120) | |
| 25 August 1975 | The exchange rate in the banking market was changed to E6000 per US$1, while that in brokers' market remained unchanged. The spot rates of exchange in banking market and brokers' market had been identical and unified. They were set by the Central Bank and were adjusted periodically. (IMF 1976, p.116, 120-121) | |
| 26 August 1975 | The two Escudo rates were equalized at E6000 per U.S. Dollar with the two-tier market retained. (WCY 1984, p.162) | |
| 29 August 1975 | The exchange rate in both spot exchange markets was changed to E6100 per US$1. (IMF 1976, p.121) | |
| 17 September 1975 | The exchange rate in both spot exchange markets was changed to E6400 per US$1. (IMF 1976, p.121) | |
| 29 September 1975 | The Chilean Peso (Ch$) was introduced to replace the Escudo at a ratio of E1000 = Ch$1, with a new Official Rate of Ch$6.40 per U.S. Dollar. The new currency was also periodically revised. (WCY 1984, p.162 & IMF 1976, p.121) | |
| 30 September 1975 | The exchange rate in both spot exchange markets was changed to Ch$6.70 per US$1. (IMF 1976, p.121) | |
| 3 October 1975 | Authorized banks were freely permitted to buy, sell, transfer, or settle in, Argentine Pesos, Bolivian Pesos, Brazilian Cruzeiros, Paraguayan Guaranies, Peruvian Soles, and Uruguaryan New Pesos. (IMF 1976, p.121) | |
| 27 October 1975 | The exchange rate in both spot exchange markets was changed to Ch$7.10 per US$1. (IMF 1976, p.121) | |
| 7 November 1975 | The exchange rate in both spot exchange markets was changed to Ch$7.50 per US$1. (IMF 1976, p.121) | |
| 24 November 1975 | The exchange rate in both spot exchange markets was changed to Ch$7.80 per US$1. (IMF 1976, p.122) | |
| 4 December 1975 | The exchange rate in both spot exchange markets was changed to Ch$8.10 per US$1. (IMF 1976, p.122) | |
| 17 December 1975 | The exchange rate in both spot exchange markets was changed to Ch$8.50 per US$1. (IMF 1976, p.122) | |
| 6 January 1976 | The Peso in both spot exchange markets depreciated from Ch$8.50 to Ch$9.00 per US$1. (IMF 1977, p.119) | |
| 15 January 1976 | The Peso in both spot exchange markets depreciated to Ch$9.40 per US$1. (IMF 1977, p.119) | |
| 27 January 1976 | The Peso in both spot exchange markets depreciated to Ch$10.00 per US$1. (IMF 1977, p.119) | |
| 20 February 1976 | The Peso in both spot exchange markets depreciated to Ch$10.30 per US$1. (IMF 1977, p.119) | |
| 5 March 1976 | The Peso in both spot exchange markets depreciated to Ch$10.75 per US$1. (IMF 1977, p.119) | |
| 19 March 1976 | The Peso in both spot exchange markets depreciated to Ch$10.90 per US$1. (IMF 1977, p.119) | |
| 29 March 1976 | The Peso in both spot exchange markets depreciated to Ch$11.15 per US$1. (IMF 1977, p.120) | |
| 6 April 1976 | The Peso in both spot exchange markets depreciated to Ch$11.45 per US$1. (IMF 1977, p.120) | |
| 13 April 1976 | The Peso in both spot exchange markets depreciated to Ch$11.55 per US$1. (IMF 1977, p.120) | |
| 19 April 1976 | The Central Bank authorized the establishment of foreign exchange houses. Foreign exchange houses were required to sell their excess holdings of foreign exchange to commercial banks at the end of every week. (IMF 1977, p.120) | |
| 22 April 1976 | The Peso in both spot exchange markets depreciated to Ch$11.80 per US$1. (IMF 1977, p.120) | |
| 14 May 1976 | The Peso in both spot exchange markets depreciated to Ch$12.45 per US$1. (IMF 1977, p.121) | |
| 20 May 1976 | The Peso in both spot exchange markets depreciated to Ch$13.00 per US$1. (IMF 1977, p.121) | |
| 1 June 1976 | The Peso in both spot exchange markets depreciated to Ch$13.30 per US$1. (IMF 1977, p.121) | |
| 17 June 1976 | The Peso in both spot exchange markets depreciated to Ch$13.90 per US$1. (IMF 1977, p.121) | |
| 30 June 1976 | The Peso was placed on a controlled, floating basis with minidevaluations occurring daily on a scheduled basis. (WCY 1984, p.162)
The Peso appreciated to Ch$12.50 per US$1. (IMF 1977, p.121) | |
| 4 August 1976 | The Peso depreciated to Ch$13.21 per US$1 by 4 August. (IMF 1977, p.121) | |
| 5 August 1976 | The exchange rate of Peso was moved to Ch$13.23 per US$1. (IMF 1977, p.122) | |
| 4 September 1976 | The exchange rate of Peso was moved to Ch$14.04 per US$1. (IMF 1977, p.122) | |
| 5 September 1976 | The exchange rate of Peso was moved to Ch$14.07 per US$1. (IMF 1977, p.122) | |
| 4 October 1976 | The exchange rate of Peso was moved to Ch$14.80 per US$1. (IMF 1977, p.122) | |
| 5 October 1976 | The exchange rate of Peso was moved to Ch$14.83 per US$1. (IMF 1977, p.122) | |
| 4 November 1976 | The exchange rate of Peso was moved to Ch$15.76 per US$1. (IMF 1977, p.122) | |
| 1 December 1976 | The forward banking market was eliminated. All exchange transactions had to be effected on a spot basis. (IMF 1977, p.122) | |
| 5 December 1976 | The exchange rate of Peso was moved to Ch$16.75 per US$1. (IMF 1977, p.122) | |
| 4 January 1977 | The exchange rate of Peso was moved to Ch$17.54 per US$1. (IMF 1977, p.122)
The daily exchange rate for the period January 5 - February 4 was established. The rate for the first day was set at Ch$17.57 per US$1 and for the last day it was Ch$18.63 per US$1. (IMF 1978, p.99) | |
| 4 February 1977 | The daily exchange rate for the period February 5 - March 4 was established. The rate for the first day was set at Ch$18.67 per US$1 and for the last day it was Ch$19.75 per US$1. (IMF 1978, p.99) | |
| 4 March 1977 | The daily exchange rate for the period March 5 - May 4 was established. With the effect from March 5 the Chilean Peso was appreciated from Ch$19.75 per US$1 to Ch$17.77; the exchange rate for April 4 was set at Ch$18.49 per US$1, and for May 4 it was set at Ch$19.04 per US$1. (IMF 1978, p.99) | |
| 4 May 1977 | The daily exchange rate for the period May 5 - June 4 was established. The established rate for the first day was Ch$19.07 per US$1, and for the last day Ch$19.94 per US$1. (IMF 1978, p.99) | |
| 3 June 1977 | The daily exchange rate for the period June 5 - July 4 was established. The established exchange rate for the first day was Ch$19.97 per US$1 and for the last day Ch$20.70 per US$1. (IMF 1978, p.99) | |
| 9 June 1977 | The Brokers' Rate used mostly for tourism and specified payments along with an exchange tax, was formally abolished, and the Banking Rate used for foreign trade, became the Effective Chilean Peso Rate. Nevertheless, banks, brokers, exchange houses and authorized entities were allowed to establish their own rates, thereby creating a Free Market Peso Rate. (WCY 1990/93, p.256) | |
| 4 July 1977 | The daily exchange rate for the period July 5 - August 4 was established. The established exchange rate for the first day was Ch$20.72 per US$1 and for the last day Ch$21.38 per US$1. (IMF 1978, p.99) | |
| 4 August 1977 | The new list of daily exchange rates for the period August 5 - September 4 was established. The established exchange rate for the first day was Ch$21.40 per US$1 and for the last day Ch$22.22 per US$1. (IMF 1978, p.100) | |
| 25 August 1977 | The exchange rate was depreciated by 5.8% to Ch$ 23.29 per US$1, with effect from August 26, thereby modifying the schedule established for the month. The new rate for the last day of the month (September 4) was set at Ch$23.56 per US$1. (IMF 1978, p.100) | |
| 2 September 1977 | The new list of daily exchange rates for the period September 5 - October 4 was established. The established exchange rate for the first day was Ch$23.58 per US$1 and for the last day Ch$24.36 per US$1. (IMF 1978, p.100) | |
| 4 October 1977 | The new list of daily exchange rates for the period October 5 - November 4 was established. The established exchange rate for the first day was Ch$24.39 per US$1 and for the last day Ch$25.26 per US$1. (IMF 1978, p.100) | |
| 4 November 1977 | The new list of daily exchange rates for the period November 5 - December 4 was established. The established exchange rate for the first day was Ch$25.29 per US$1 and for the last day Ch$26.32 per US$1. (IMF 1978, p.100) | |
| 3 December 1977 | The Ministry of Finance announced a 4.2% depreciation of the Peso from Ch$26.23 per US$1 to Ch$27.39 per US$1.
The new list of daily exchange rates for the period December 3, 1977 - February 5, 1978 was announced. The exchange rate for the period ending January 5 was allowed to depreciate by 2.4%, to Ch$28.05 per US$1. The rate for the month ending February 5 was set to depreciate by 2.9%, to Ch$28.89 per US$1. (IMF 1978, p.100) | |
| 31 December 1977 | | 27.960 |
| 3 February 1978 | A daily schedule of exchange rates that would apply from February 6 to December 31, 1978 was announced. During this period, the Peso was scheduled to depreciate from Ch$28.91 per US$1 to Ch$33.95 per US$1, or by 17.6% for the year as a whole. (IMF 1979, p.100) | |
| 29 December 1978 | The schedule of daily exchange rates for 1979 was announced. During 1979, the Chilean Peso was scheduled to depreciate from Ch$33.97 per US$1 to Ch$38.96 per US$1, or by 12.8%. (IMF 1979, p.101) | 33.990 |
| 1979 | The Banco del Estado, commercial banks, exchange houses, brokers, and other authorized entities could established freely their exchange rates; their commissions were subject to a value-added tax of 20%. (IMF 1979, p.98) | |
| 1 January 1979 | The 1979 schedule of daily exchange rates announced on December 29, 1978 took effect. The schedule would require a depreciation of the Peso from Ch$33.97 per US$1 on January 1 to Ch$38.96 per US$1 on December 31. (IMF 1980, p.98) | |
| 30 June 1979 | The exchange rate of the Chilean Peso had been set by the Central Bank of Chile at Ch$39.00 per U.S. Dollar. (IMF 1980, p.100) | |
| 3 July 1979 | The Effective Rate was abolished, along with the daily minidevaluations. (WCY 1984, p.162) | |
| 4 July 1979 | The margin within which the Central Bank might intervene in the exchange market was widen from 0.5% to 2% on either side of the exchange rate, thereby defining the intervention points as Ch$38.22 and Ch$39.78 per US$1. (IMF 1980, p.100) | |
| 15 June 1982 | The fixed Official Rate for the Peso was abandoned, as the currency was placed on a controlled, floating basis and linked to a basket of currencies composed of the U.S. Dollar 60%, West German Mark 15%, Japanese Yen 15%, French Franc 5% and British Pound 5%, with the new Effective Rate devalued 15.2%, at Ch$46 per US$1. (WCY 1986/87, p.255) | |
| 5 August 1982 | The Effective Rate for the Peso was allowed to float freely, with the unit depreciating sharply. (WCY 1984, p.163)
In order to avoid excessive exchange rate fluctuations, the Central Bank would intervene in the market through a process of open bids. The foreign exchange sales or purchases of the major public sector enterprises were to be conducted through the Central Bank. (IMF 1983, p.137) | |
| 3 September 1982 | A preferential Foreign Debt Repayment Rate (the Preferential Rate) for the payment of foreign credits was created. This rate was initially pegged at Ch$49.623 per U.S. Dollar, with its value to be adjusted daily based on the domestic inflation rate. (WCY 1984, p.163) | |
| 26 September 1982 | The official exchange rate of Peso (the Effective Rate) was again pegged to the U.S. Dollar, at a rate adjusted on a daily basis in line with the difference between the consumer price index of the previous month and the world inflation rate. For operational purposes, this rate had been estimated at 1% a month.
The Central Bank intervened in the market to maintain the rate within 2% margin above and below the daily official exchange rate. (IMF 1983, p.136) | |
| 15 December 1982 | The Foreign Debt Repayment Rate was downgraded to Ch$57.00 per U.S. Dollar, the difference between that rate and the Effective Rate to be covered by the sales of notes with a maturity of between 3-5 years. (WCY 1984, p.163) | |
| 31 December 1982 | The Foreign Debt Repayment Rate was Ch$58.47 per US$1. (IMF 1983, p.136) | 74.540 |
| 23 February 1983 | For the purpose of the exchange rate determination, the world inflation rate, previously taken to be 1% a month, was scaled down to 0.4% a month. (IMF 1984, p.133) | |
| 23 March 1983 | The Effective Rate started to be adjusted only on the basis of domestic inflation. (WCY 1984, p.163)
A 12% tax was placed on the purchase of foreign exchange for the financing of imports, resulting in an Import Rate. (WCY 1985, p.180)
The Free Market Rate became a Controlled Free Market, as trading was limited at the Effective Rate. (WCY 1988/89, p.261) | |
| 16 December 1983 | The Effective Rate was downgraded to Ch$87.15 per U.S. Dollar and would again be adjusted daily on the basis of domestic inflation rate during the previous month, less the world inflation rate estimated at not more than 0.5% a month. (WCY 1985, p.179) | |
| 31 December 1983 | The Foreign Debt Repayment Rate was Ch$72.78 per US$1. (IMF 1984, p.131) | 87.500 |
| 23 February 1984 | Rules on payment of the subsidy tied to the Foreign Debt Repayment Rate were tightened by excluding from the subsidy all public sector entities, restraining access by exporters, increasing the maturity of notes issued for subsidy payments from 3-5 years to 6-10 years, and reducing the real annual interest rate on the notes from 7% to 3%. (IMF 1985, p.141) | |
| 18 September 1984 | In addition to adjustments based on the differential between domestic and external inflation, the Peso was devalued 19.1%, changed from Ch$93 per US$1 to Ch$115 per US$1. (IMF 1985, p.141) | 115.000 |
| 8 December 1984 | The exchange rate of the Peso was changed from Ch$122.3 per US$1 to Ch$126.9 per US$1, representing a devaluation of 3.62%. (WCY 1985, p.179 & IMF 1985, p.141) | 126.900 |
| 31 December 1984 | The Foreign Debt Repayment Rate was Ch$89.02 per US$1. (IMF 1984, p.139)
The Effective Rate was Ch$127.80 per US$1. (IMF 1986, p.166) | 128.230 |
| 1985 | During the year, the Import Rate was removed. (WCY 1986/87, p.256) | |
| 27 February 1985 | The Peso was devalued 8.2%. (WCY 1986/87, p.256) | |
| 29 June 1985 | The Peso was devalued 7.2%. (WCY 1986/87, p.256)
The intervention limit for trading at the Controlled "Free" Rate was raised from 0.5% to 2% on either side of the Effective Rate. (1988/89, p.261) | |
| 31 December 1985 | The Effective Rate was Ch$180.22 per US$1. (IMF 1986, p.166) | 183.860 |
| 1 January 1986 | Commercial Banks had been authorized to provide a forward market for foreign exchange with a maturity of between 15 and 180 days. On maturity, contracts were settled on the basis of the difference between the market rate and the contract rate. Contract rates were determined freely without intervention by the Central Bank. (IMF 1988, p.145) | |
| 31 December 1986 | The Foreign Debt Repayment Rate was abolished. (WCY 1986/87, p.256)
The exchange subsidy on amounts of more than US$50,000, which constituted the bulk of outstanding obligations, was eliminated. (IMF 1987 p.151)
The Foreign Debt Repayment Rate became applicable only on debts of US$50,000 or less. Also, the Controlled "Free" Rate could now be determined freely within the intervention limits. (WCY 1988/89, p.261)
The Effective Rate was changed from Ch$180.22 per US$1 to Ch$201.46 per US$1, representing a depreciation of 10.5% against the U.S. Dollar. (IMF 1987, p.151) | 204.730 |
| 31 December 1987 | | 238.140 |
| 1988 | Commission on exchange transactions was subject to a 16% value-added tax. (IMF 1989, p.96) | |
| 4 January 1988 | The intervention limits of Controlled "Free" Rate were raised from 2% to 3% either side of the Effective Rate. (WCY 1988/89, p.264) | |
| 30 December 1988 | | 249.700 |
| 1989 | The formula for adjusting the Peso rate was modified by a factor of 0.3% added to the internal inflation rate. In addition, the Peso was to be revalued by 14% during 1989. (WCY 1988/89, p.261) | 0.000 |
| 1 June 1989 | The intervention limits of Controlled "Free" Rate were widened from 3% to 5% on either side of the Effective Rate which was also devalued 1.6% and the monthly factor of 0.3% added to the international inflation rate for adjusting the Peso was dropped. At the same time, the monthly international inflation rate was lowered to 0.4%. (WCY 1990/93, p.256) | |
| September 1989 | The monthly international inflation rate was lowered from 0.4% to 0.3%. (WCY 1990/93, p.256) | |
| 28 December 1989 | | 282.640 |
| 19 April 1990 | Foreign exchange transactions were freely permitted. The Effective Chilean Peso Rate, pegged to the U.S. Dollar and adjusted daily, was to be used only for transactions with the Formal (Official) Market within margins of 5%. The Formal (Official) Market Rate was to be used by commercial banks, exchange houses and other entities authorized by the Central Bank. (WCY 1990/93, p.256)
The Controlled "Free" Rate and the Unofficial Free Market Rate were thus eliminated and an Informal Free Market Rate was made applicable to all other transactions. (WCY 1990/93, p.257)
New regulations liberalizing foreign exchange market operations and allowing any person to conduct freely foreign exchange transactions were introduced. (IMF 1991, p.100) | |
| 31 December 1990 | | 353.840 |
| 17 June 1991 | The Effective Rate was revalued 2%. (WCY 1990/93, p.257) | |
| 31 December 1991 | | 372.160 |
| 22 January 1992 | The Effective Rate was revalued 5% and the margins were widened from 5% to 10%. (WCY 1990/93, p.257) | |
| 17 March 1992 | The Central Bank was authorized to intervene in the Formal (Official) Market and operated within the established 10% margin. (WCY 1990/93, p.257) | |
| 6 July 1992 | The Effective Chilean Peso Rate was pegged to a basket of currencies consisting of the U.S. Dollar (50%), the Deutsche Mark (30%) and the Japanese Yen (20%). The rate was adjusted daily on the basis of the exchange rate relationships between the currencies and the differential between the domestic and foreign rates of inflation. (WCY 1990/93, p.257) | |
| 1993 | The external value of Chilean Peso Rate was pegged to a basket of currencies consisting of the U.S. Dollar (50.6%), the Deutsche Mark (20.7%) and the Japanese Yen (22.7%). The weight of each currency in the basket was based on its relative importance in Chile's international transactions. (IMF 1994, p.106) | |
| 1994 | The external value of Chilean Peso Rate was pegged to a basket of currencies consisting of 0.45 U.S. Dollar, 0.4691 Deutsche Mark and 24.6825 Japanese Yen. (IMF 1995, p.106) | |
| 24 January 1997 | The exchange band was widened to 12.5% on each side of the reference rate. The composition of the currency basket was change with an increase in the participation of the U.S. Dollar to 80% and a reduction of the share of the Deutsche Mark and Japanese Yen to 15% and 5%, respectively. (IMF 1998, p.210)
The exchange rate arrangement was reclassified as managed floating. (IMF 1997, p.195) | |
| 10 April 1997 | Free access was given for the purchase of dollars through forward contracts in the formal exchange market. (IMF 1998, p.210) | |
| 15 April 1997 | All current external payments, and most capital transactions, were allowed to be channeled through the formal exchange market. (IMF 1998, p.210) | |
| 25 June 1998 | The width of the crawling band was reduced to 5.5 %, and the requirement that the depreciation of the reference exchange rate should be 2% a year was abolished. (IMF 1999, p.205) | |
| 16 September 1998 | The width of the crawling band was widened to 7% and the rate of depreciation increased by 2.4% through end-1998.
The Central bank discontinued the window for foreign exchange options. (IMF 1999, p.205) | |
| 22 December 1998 | The width was widened to 16% and both limits of the band widened by a factor of 0.013575% a day. (IMF 1999, p.205) | |
| 14 January 1999 | The referential currency basket for the calculation of the central party rate was changed. (IMF 1999, p.205) | |
| 2 September 1999 | The Central Bank suspended the crawling band and allowed the Peso to float. Thus the exchange rate arrangement was reclassified to the category independently floating from the category crawling band. (IMF 2000, p.208) | |
