new monetary unit – escudo
Living conditions in Latin America are hardly comfortable. The economies of most countries in the region suffer from inflation, which for decades has remained at a high level. But there is a country in the south of the American continent, which with a wide margin broke ahead of others. This country is Chile, and the main helmsman of its economy is the Chilean peso.
The history of the emergence of pesos in the territory of the present Republic of Chile began in 1817. And the peso coins owe their appearance to the conquistadors of medieval Spain, who introduced this currency in the markets of the occupied territories. Literally, “peso” is translated from Spanish as “weight”. Along with Chile, “peso” is the name of the money of Argentina, the Dominican Republic, Colombia, Cuba, Mexico, the Philippines and Uruguay. Previously, the power of the peso extended even further – its own money with a Spanish name was in Bolivia, Guatemala, Guinea-Bissau, Honduras, Costa Rica, Nicaragua, Paraguay and El Salvador. Continue reading