SANTIAGO, March 18 (Reuters) - Chile central bank president Jose De Gregorio said on Tuesday the institution would avoid hasty action amid the rapid appreciation of the peso currency against the dollar, but did not discard future intervention.

"Not acting is in itself a monetary policy decision that is justified under present conditions and which can change as local and global economic conditions evolve," De Gregorio told Chile's Lower House, or Chamber of Deputies. (Reporting by Pav Jordan, Rodrigo Martinez and Antonio de la Jara; Editing by Diane Craft)