USD/CLP Exchange Rate History
A decade of US Dollar–Chilean Peso movements, with the events that drove them.
The last decade in USD/CLP
USD/CLP is South America's second-most-traded currency pair after USD/MXN, reflecting Chile's position as one of Latin America's most institutionally-developed economies and the world's largest copper exporter. Over 2016–2026, USD/CLP moved from 600 (early 2018 CLP strength) to 1,000+ (2024 USD peak). CLP volatility is uniquely tied to copper prices (Chile is the world's largest copper producer), 2019 social-unrest aftermath, and political-uncertainty episodes (Boric government 2022-2026 reforms).
Long-term trend
Sustained CLP depreciation against USD over the past decade — among the worst Latin American major-currency performances. USD/CLP has moved from a 500-700 range (2014-2018) to a 850-1,000+ range (2022-2025). The structural drift reflects: declining copper prices relative to historical highs, October 2019 social-unrest political-risk premium, COVID capital flight, Boric reforms uncertainty, and broader EM weakness during USD-strength macro cycles. The Central Bank of Chile (BCCh) operates a managed float — typically letting CLP move rather than burning reserves to defend levels.
Key events
USD/CLP at multi-year low
Strong copper prices ($3.30/lb) + weak USD drove CLP to multi-year strength. BCCh held rates at 2.50% as inflation remained subdued.
USD/CLP fell from 660 (December 2017) to 595 (February 2018).
Chilean social unrest begins
Massive Chilean protests began on October 18, 2019 over economic inequality and political reforms. The unrest triggered immediate CLP weakness as foreign investors fled Chilean assets and uncertainty about constitutional rewriting increased.
USD/CLP rose from 700 to 850 between October 2019 and December 2019 — 21% CLP decline in 3 months.
COVID + copper crash hit CLP hard
COVID-era EM capital flight combined with copper-price collapse drove USD/CLP to record highs above 850. BCCh cut rates 250bp and intervened with USD reserves.
USD/CLP rose from 800 (early 2020) to 875 (March 2020), then settled to 720 by year-end on copper recovery.
Boric election + EM stress
Gabriel Boric's election as Chile's first leftist millennial president (March 2022) combined with broader EM stress from Fed tightening drove USD/CLP toward 1,000. Constitutional-rewrite uncertainty added Chilean-specific risk premium.
USD/CLP rose from 800 (early 2022) to 1,050 (July 2022).
Constitutional rewrite rejected — CLP recovers
Chilean voters rejected the proposed new constitution in September 2022; a second rejection in December 2023 ended the constitutional-rewrite process. The political-uncertainty resolution supported CLP recovery.
USD/CLP fell from 920 (mid-2023) to 800 (December 2023).
BCCh eases as inflation falls
BCCh cut rates aggressively through 2024-2025 as Chilean inflation fell to 3-4% range. USD/CLP held an elevated 880-1,000 range as Fed-BCCh differential narrowed.
USD/CLP traded 880-1,000 through late 2025.
Practical takeaway
For travelers to Chile (or Chilean diaspora remittances), USD/CLP's recent range (880-1,000) represents historically very favorable levels — Chile is currently 35-45% cheaper for USD-funded trips than the 2018 era. The Atacama Desert and Patagonia experiences remain bucket-list-quality despite the favorable rate. Watch BCCh meetings (eight per year), copper prices (Shanghai-traded), and Chilean political news for primary volatility sources.
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Frequently asked questions
Why does USD/CLP move so much on copper prices?
Chile is the world's largest copper producer (~28% of global copper supply) and copper exports represent ~50% of Chilean goods exports. When copper prices rise, Chilean export earnings rise, supporting CLP. When copper falls, the opposite happens. The correlation is reliable for multi-month trends but daily CLP moves are often dominated by political news. Chinese property/infrastructure demand drives copper prices most reliably — sustained Chinese stimulus typically supports CLP via the copper channel.
What was the Chilean 2019 social unrest?
On October 18, 2019, Chilean protests began over a 30-peso subway fare increase but rapidly expanded to broader grievances over economic inequality, pension system, healthcare, and political reform. Protests continued for months; over 30 deaths, thousands of arrests, and major economic damage. The unrest led to a constitutional-rewrite referendum in October 2020 (overwhelmingly approved), but the proposed new constitution was rejected in September 2022 and a second draft was rejected in December 2023 — ending the process. The unrest era contributed substantially to CLP depreciation that has persisted.
Will CLP recover to 600-700 levels?
Unlikely in the near term. The structural drivers — sustained Boric-era political-risk premium, lower copper prices relative to 2010-2014 supercycle peaks, ongoing fiscal pressures — make sustained CLP recovery below 800 difficult. Most analysts expect USD/CLP to range-trade in 900-1,000 through 2026-2027, with potential modest recovery if copper prices spike or political risk diminishes.
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