Economy & Business - August 2022

CHILE: The peso swoops and surges

July was an odd month in the life of the Chilean peso. Early on, the national currency appeared to be collapsing. The price of the US dollar surged to Cl$1,051, breaking past the psychologically important 1,000-peso mark for the first time. President Gabriel Boric said the situation was “tremendously worrying”. But after the central bank (BCCh) announced a hefty US$25bn currency support package, the peso reversed direction.

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