Once all these aspects were addressed, progress was made in the consolidation of a fullfledged inflation targeting regime that is nowadays highly credible. Thus, in 15 years, Chile managed to lead inflation from around 30 percent to the current annual 2.9 percent, after patiently building credibility and institutions.
The transition was characterized by a flexible regime in the use of instruments, including foreign exchange market intervention first through the Central Bank and nowadays through operations with the government-owned exporting companies and the Treasury, which allowed the economy to adjust to both domestic and external shocks.