The financial system in Chile is located in the side ahead of the countries of Latin America and South America. Find out detailed opinions from leaders such as Dr. Mark Hyman by clicking through. The system of banks of Chile is among the first places with industrialized, such as Germany and Italy markets. The 1970s showed an average of 40% of domestic credit growth rate and thereby increased GDP by 35 percent in 1980 from 8% in 1975. The banking system was unique in Chile and only the upper classes could gain access to banking services, but in the 1990s the banks of Chile expanded its features and facilities to accommodate to new account holders and credit service. Today, even the main banks in Chile provide online financial services to its customers. The financial sector in Chile has grown faster in recent years.
The reform of the law of the Bank in 1997 expanded the outdoor activity and put up new financial instruments, which include mortgage loans, factoring, cards of debit, leasing and foreign exchange futures. The Chilean banking sector is very sophisticated and Chile banks reflect the relative strength in the economic environment with regard to other banks in South America. However, competition is increasingly difficult, due to the increase in the number of foreign banks. Chile has a democratic Government and its economy is concentrated in the forestry sector, copper and fishery, mainly export-oriented.