Chile measures land values using different currency mechanisms This post introduces a modern example of medium-unit divergence: the Chilean peso and Chile’s Unidad de Fomento or UF Like most modern currencies, the peso is issued by the nation’s central bank, the Banco Central de Chile. Local banks offer peso-denominated cheques and savings accounts. Chileans use these pesos as the nation’s medium of exchange. They pay their bills with pesos, settle rent, and buy food. The differences…