The Chilean Peso is the official currency of Chile and is abbreviated as CLP. There are several synonyms for the Chilean Peso, including the Chilean Unit of Account (Unidad de Fomento), which is a non-circulating currency used to adjust prices and contracts. Additionally, the Chilean Peso is colloquially referred to as the "luca," which comes from the fact that 1000 Chilean Pesos used to be called a "thousand." The Chilean Peso is also sometimes referred to as the "cacho" or the "guita." Regardless of the name used, the Chilean Peso remains an important currency in the South American region.