On July 3, the Central Bank of Chile (BCCh, in Spanish) launched a regulation on the second stage to modernize its currency regulations for public consultation. The consultation period will be until September 4. Interested parties may send their comments to [email protected]

This process contemplates expanding cross-border exchange operations carried out in Chilean pesos.

Currently, several operations of this type can be performed with Chilean pesos due to authorizations granted by the BCCh in the past. The proposal is to add the following operations, which are currently only carried out in foreign currency, from January 2021 :

Contracting derivative products whose settlements or payments contemplate the physical delivery of Chilean pesos.
Opening and holding current accounts at banks in Chilean pesos by persons not domiciled or resident in Chile.
Granting credits denominated in Chilean pesos to persons not domiciled or resident in Chile, whether in the form of mutual funds, credit lines or under other modalities.
From July 2021, the following would be added:
Credit, deposit or investment operations carried out abroad by persons with domicile or residence in Chile (Chapter XII of the CNCI)
Other operations carried out by persons not domiciled or resident in Chile (Chapter XIV of the CNCI).
Access a section with questions and answers about the content of the regulations by clicking here.