Organization: Central Bank of Chile
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The Central Bank of Chile (Spanish: Banco Central de Chile) was created on 22 August 1925, under the government of Arturo Alessandri Palma. Since 10 October 1989, the Central Bank of Chile is an autonomous entity of technical nature, and has as its purposes to look after the stability of the currency, that is, to keep inflation low and stable over time. The Bank must also promote the stability and efficacy of the financial system and the normal functioning of internal and external payment systems, to generate a predictable environment for decision making of economic agents contributing to reduce the ups and downs of the economic cycles, thus providing a solid basis for the country´s permanent growth. For these purposes, the powers of the Bank include that of regulating the amount of currency and credit in circulation in order to provide an adequate stock of money for individuals, firms and institutions and thus assure their transactions.