Which central bank was founded in 1925 as Chile’s first independent monetary authority?

The Central Bank of Chile was founded in 1925 as Chile’s first independent monetary authority.

The bank was created during a major reform of Chile’s financial institutions. The 1925 reforms followed recommendations from the Kemmerer Mission, led by American economist Edwin W. Kemmerer, and aimed to establish a central bank, improve public finance, and introduce a more organized monetary framework.

The Central Bank of Chile is headquartered in Santiago. Its responsibilities include monetary policy, preserving price stability, issuing currency, and promoting the stability of the financial system. Chile’s currency is the Chilean peso.

The institution should not be confused with Banco de Chile, a commercial bank founded in 1893. Banco de Chile provides banking services to customers, while the Central Bank of Chile is the country’s monetary authority. The 1925 founding also predates many central banks elsewhere in Latin America.