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Central Bank of Chile

 

Central Bank of Chile Logo

The Central Bank of Chile (Spanish: Banco Central de Chile) is the central bank of Chile. It was originally created in 1925 and is incorporated into the current Chilean Constitution as an autonomous institution of constitutional rank. The objectives of the Central Bank of Chile were essentially of a monetary nature. In the first place, the Bank was to watch over the stability of the value of Chile’s currency under a fully convertible gold standard regime and, in the second place, it was to regulate currency according to the needs of the monetary market.

 
 

The basic constitutional law assigned the Central Bank a monopoly on issuing bank notes. The law required that the Central Bank permanently hold a gold reserve equivalent to no less than 50% of total emission. If it were to fall below this limit, it would have to pay a fine to the state proportional to the deficit.

To meet its objectives, the Central Bank has a series of operating functions and attributes regarding the following areas:


   it issue of bank notes and coins, the regulation of the amount of money in circulation and credit;
   It keeps and manages the foreign reserve of the Republic of Chile;
   It compiles, adopts and implements the foreign exchange regime and the exchange rate policy;
   It licenses or revokes a license on exercising banking activity and supervises the banking activity to ensure the banking system stability;
   It acts as banker, advisor to, and as fiscal agent, of the government of the Republic of Chile;
   It serves as Bank of banks; and
   It prompts the normal functioning of payment systems.

To meet its objectives, the Central Bank has a series of operating functions and attributes regarding the following areas: the issue of bank notes and coins, the regulation of the amount of money in circulation and credit, the regulation of the financial system and the capital market, faculties to preserve financial system stability, functions as part of its role as fiscal agent, attributes in terms of international questions, attributes regarding foreign currency operations and statistical functions.
 

Central Bank of Chile HQ Location Map

Central Bank of Chile
HQ Address: Agustinas 1180
Santiago 8340454
Chile
Telephone: + 56 2 670 2000
Swift Code: BCECCLRM
Website: www.bcentral.cl
Currency: Chile Peso
Banking Hours:
Monday - Friday : 9.00am - 4.00pm

 

 

 


For the purposes of monetary and foreign exchange regulation, it may purchase and sell notes, foreign currency and other financial assets in the spot and forward markets. It may also issue notes or bonds as well as shares in its own assets.
 
 

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