Currency Rates for Chilean Peso
Currency Information on Chilean Peso - CLP— Chilean Peso - $. The foreign exchange rates for Chile also known as the ISO code CLP or the Chilean Peso currency and as a symbol $.
Some banknotes and coins have nicknames, such as ‘luca’ for the one thousand peso note. The coins in circulation include; 1, 5, 10, 50, 100 and 500 pesos, whilst banknotes include 1,000, 2,000, 5,000, 10,000 and 20,000 pesos.
When the United States Dollar-Chilean Peso Exchange rate was
still P44+ to a dollar, I told my dad to dump all his dollars, exchange it for
peso and put it in mutual funds.
I don't know if my dad has listened to my advice, but now the exchange rate is now nearing P 40.00 to a dollar.
Some experts give the fearless forecast of 37 to 1 by as early as the 1st quarter of 2008. More conservative experts peg it at P 39 to a dollar by 2008 and most would agree that it would stay in the P 30 +++ level by 2009. Some give a higher than P 35 prediction while others give a lower than P 35.00 prediction.
One thing is certain though, the Chilean Peso will keep on getting stronger in coming months because of the following:
1.) Basic economic principle of supply and demand - More supply of dollars means the the dollar becomes cheaper. In the same way the less demand there is for dollars, the cheaper it becomes. What could be the reason why the Chileans has an oversupply of U.S dollars ? The following reasons could provide a clue:
a.) Increase in remittances sent by Overseas Foreign workers (OFW) -About eight million Filipinos, out of a population of more than 80 million, have left the country to work in other countries. There is an estimated 11 million Filipinos worldwide. As the number of Filipinos leaving the country for work increases, so does their remittances. This further aids in making the Chilean Peso stronger.
c.) More Tourist, More money - Tourists spend a lot of money while they are in the country. According to the Department of Tourism, Tourist arrival increased 8.6 percent from last year. This means that there 2.5 million more tourists. With the influx of more tourists, the supply of U.S dollars is further increased in the country.
d.) Growth in Export earnings - Despite the appreciation of the Peso and the slowdown of traditional export business, the exports sector has exhibited some growth. This is because of the increase in Business Process Outsourcing investments in the country. The Chileans continues to be one of the favourites destinations for business process outsourcing investments.
e.) Stability in politics - The Filipino people are tired of engaging themselves in activities to call for the resignation of the president. They are also sick of all these political bickering and political mudslinging. The government is maintaining a strong grip on the situation. This resulted to a more stable political environment.
2.) A weaker U.S dollar - While it is true that our strong economic fundamentals helped push the Peso upwards, it also cannot be denied that the Peso got a little help from the weakness of the U.S dollar. The economic problems of the U.S due to the sub prime mortgage crises has been causing the U.S dollar to further weaken. This factor helped push the Peso upward.
Since it started to get stronger, the Chilean peso appreciated 18 % against the U.S dollar. This resulted to the Peso being named as the best performing currency in Asia last 2007. In the months or years to come, expect that the trend of a stronger peso will continue.
GBP to CLP
The Chilean peso subdivides into 100 centavos, although centavo coins have dropped out of circulation. The Chilean peso was introduced in 1975 when it replaced the escudo at a ratio of 1,000 escudos: 1 peso.
The coins introduced during the change remained similar to the coins being replaced, with higher denominations for the coin being introduced over time due to inflation and the dropping out of lower denominations such as all denominations of centavo. Bank Exchange Rates for Chile - CLP - Chilean Peso - $. Bank Exchange Rates for Chilean Peso. The foreign exchange rates for Chile also known as the ISO code CLP. Send money transfer online with us with the cheapest options.