Board - Central Bank of Chile
The Board as the highest authority of the Central Bank of Chile, exercises the power and carries out the acts of administration of the Bank, and makes the decisions on monetary, financial regulation and exchange policies.
The Board is composed of five Members appointed by the President of the Republic, with the prior approval—by simple majority—of the Senate, by means of an executive decree issued through the Ministry of Finance.
The Board Members remain in office for a ten-year term and may be renewed. Replacement is done in a staggered fashion every two years.
The Chairman of the Board—who is also the Governor of the Bank—is appointed by the President of the Republic from among the Board Members for a five-year term. The Deputy Governor is elected by the Board from its Members and remains in office for a term established by the Board or until the expiration of his term in office of such Member´s term in office, whichever comes first. His appointment as such may be both renewed and revoked by the Board.