Get Started with Forex in Chile

Mints were established in Peru, and the silver Spanish 8 Real coinage was commonly circulated in the Americas, becoming known as the Peso.

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The first Spanish mint in Chile was established in , in which half-ounce gold coins were produced. Chile won its independence from the Spanish in and from then on, the country began to produce the Chilean Peso which was valued to be equivalent to 8 Spanish Reals. Trade became complicated following the Declaration of Independence in the neighbouring regions, as they were still controlled by the Spanish, so Chile sought to expand its trade to the United States, France and England, with success in the trade of copper, grain, potassium nitrate and silver.

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The gold standard was adopted in , and Chile began to peg its currency to the British Pound. When the Panama Canal opened in and the First World War broke out, the economy of Chile began to weaken, so in the currency was reformed, with a central bank being established. The s saw hyperinflation, which led to Chile replacing the Peso with the Escudo. This remained as legal tender for over 10 years.

Sociedad Quimica y Minera de Chile SA - ADR

However it, too, suffered from high inflation, so the Peso was once more restored in , at which time the Peso was floated against other international currencies in a crawling-band system. The Peso was pegged to the USD in , but the crawling-band system was put in place again 2 years later. Decisions over interest rates are published on the same day as the monetary policy meeting is held, with the full minutes of the meeting being published 11 days later.

Please pay attention to the change of trading hours for some instruments on Monday, June 26 due to upcoming holidays in Chile and Singapore. Both of the above financial instruments will be unavailable for trading on June 26th.

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Tradings of these above financial instruments will be resumed from the next day, June 27th as normal. See more ForexClub. SuperForex now accepts Vodacom and M-Pesa deposit and withdrawal.

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