Monetary aggregates are defined as money held by the non-banking private sector. Money means assets that economic agents are willing to accept as means of payment for goods and services or as debt repayment.

In the case of Chile, monetary aggregates are defined as M1, M2 and M3. M1 is the most liquid concept of money; it comprises banknotes and coins in circulation, current accounts and demand deposits accounts. M2 considers, in addition to M1, time deposits in Chilean pesos. Finally, M3 includes M2 and foreign currency deposits, as well as bond held by the non-banking private sector.

 

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