Hitos del Banco Central de Chile y su Balance Histórico (1925-2025)

This document provides a historical review of the statistics and context that shape the evolution of the balance sheet of the Central Bank of Chile (CBC) in its centennial year, covering the period from 1925 to 2024. The document is organized into five macro-periods defined by the main changes in its legal framework, and examines the evolution of the Bank’s assets and liabilities and their relationship with the prevailing mandate, its degree of autonomy, and the available policy tools. The analysis spans from its initial role as an issuing authority under the gold standard to its current configuration as an autonomous central bank with an inflation-targeting regime and a floating exchange rate. Throughout the document, the main economic, financial, and regulatory milestones that have influenced the structure of the CBC’s balance sheet are described, including episodes of crisis, institutional reforms, and modernization processes. It also provides a detailed analysis of the set of measures adopted between 2019 and 2024 in response to extraordinary events—the 2019 social unrest and the economic crisis resulting from the COVID-19 pandemic—examining their impact on the balance sheet, as well as the subsequent normalization process following these events. The study concludes by highlighting the institutional evolution of the Central Bank toward an autonomous entity, with a balance sheet aligned with its policy objectives and a strong capacity to respond to complex scenarios. The international comparison, including during the pandemic, reinforces this view, showing convergence with the practices of central banks in advanced economies.