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Peruvian nuevo sol
nuevo sol peruano (Spanish)
1 nuevo sol (Obverse) 1 nuevo sol (Reverse)
1 nuevo sol (Obverse) 1 nuevo sol (Reverse)
ISO 4217 Code PEN
User(s)  Peru
Inflation 1.5%
Source Inflation Report, May 2007, Central Reserve Bank of Peru
Subunit
1/100 céntimo
Symbol S/.
Plural nuevos soles
céntimo céntimos
Coins
Freq. used 10, 20 & 50 céntimos, 1, 2 & 5 nuevos soles
Rarely used 1 & 5 céntimos
Banknotes
Freq. used 10, 20, 50 & 100 nuevos soles
Rarely used 200 nuevos soles
Central bank Central Reserve Bank of Peru
Website www.bcrp.gob.pe
Mint National Mint (Casa Nacional de Moneda)

The nuevo sol (plural: nuevos soles, currency sign: S/.) is the currency of Peru. It is subdivided into 100 céntimos. The ISO 4217 currency code is PEN.

The name is a return to that of Peru's historic currency, the sol in use from the 19th century to 1985. Although the derivation of sol is from the Latin solidus, the name means sun in Spanish. There is a continuity therefore with the old Peruvian inti, which was named after Inti, the Sun God of the Incas. The exchange rate of the Nuevo Sol orbited around 3 Nuevos Soles to 1 U.S. Dollar for the last decade, the current exchange as of January 22, 2010 is 2.85 Nuevos Soles to 1 U.S. Dollar.

Contents

History

Because of the bad state of economics in the 1980s and hyperinflation in the late 1980s the government was forced to abandon the inti and introduce the nuevo sol as the country's new currency.[1] The currency was put into use on July 1, 1991 (by Law N° 25,295) to replace the inti at a rate of 1 nuevo sol = 1,000,000 intis.[2] Coins denominated in the new unit were introduced on October 1, 1991 and the first banknotes on November 13, 1991.

Hitherto the nuevo sol currently retains a low inflation rate of 1.5%.[3] Since the new currency was put into effect, it has managed to maintain a stable exchange rate between 2.3 and 3.65 nuevo soles per United States dollar.

Out of all the currencies of the Latin-American region, the Peruvian nuevo sol has been the most stable and reliable currency, also being the currency least affected by the weak dollar global tendency. During the late months of 2007 and the first months of 2008, the rate fell to 2.69 nuevos soles per USD, a rate not seen since 1997. As of June 2008 the dollar went up again and is trading at 2.94 nuevos soles per USD. In late November 2008 one USD equaled 3.09 nuevo soles. As of January 22, 2010 the Peruvian Nuevo Sol is trading at 2.85 per USD.

Coins

The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 céntimos and 1 nuevo sol.[2] The 2 and 5 nuevos soles coins were added in 1994. Although 1 and 5 centimo coins are officially in circulation, they are very rarely used. An aluminium 1 céntimo coin was introduced in December 2005.[4], and a 5 céntimos coin in 2007 [5]. All coins show the coat of arms of Peru surrounded by the text Banco Central de Reserva del Perú (Central Reserve Bank of Peru) on the obverse. The reverse of all coins shows the denomination. Included in the design of the bi-metallic 2 and 5 nuevos soles coins are the Nazca lines hummingbird and frigate bird figures.[6]

Image Value Diameter Thickness Mass Composition Edge
Coin Peru 1 Centimo (Brass).jpg 1 céntimo 16 mm 1.05 mm 1.78 g Brass Smooth
Coin Peru 1 Centimo (Alu).jpg 1 céntimo 16 mm 1.50 mm 0.82 g Aluminium Smooth
Coin Peru 5 Centimos (Brass).jpg 5 céntimos 18 mm 1.26 mm 2.70 g Brass Smooth
Coin Peru 5 Centimo (Alu).jpg 5 céntimos 18 mm 1.50 mm 1.02 g Aluminium Smooth
Coin Peru 10 Centimos.jpg 10 céntimos 20.5 mm 1.26 mm 3.50 g Brass Smooth
Coin Peru 20 Centimos.jpg 20 céntimos 23 mm 1.26 mm 4.40 g Brass Smooth
Coin Peru 50 Centimos.jpg 50 céntimos 22 mm 1.65 mm 5.45 g Cu–Zn–Ni Reeded
Coin Peru 1 Nuevo Sol.jpg 1 nuevo sol 25.5 mm 1.65 mm 7.32 g Cu–Zn–Ni Reeded
Coin Peru 2 Nuevos Soles.jpg 2 nuevos soles 22.2 mm 2.07 mm 5.62 g Bi-metallic
Outside ring: Steel
Centre: Cu–Zn–Ni
Smooth
5 soles.jpg 5 nuevos soles 24.3 mm 2.13 mm 6.67 g Bi-metallic
Outside ring: Steel
Centre: Cu–Zn–Ni
Reeded (since 2009)

Banknotes

In 1990, banknotes for 10, 20, 50 and 100 nuevos soles were introduced.[2] The banknote for 200 nuevos soles was subsequently introduced in August 1995.[7] All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse.[8]

Obverse Reverse Value (S/.) Dimensions Main colour Depicted person (obverse)
Banknote Peru 10 Nuevos Soles.jpg Banknote Peru 10 Nuevos Soles (Reverse).jpg 10 140 × 65 mm Green José Abelardo Quiñones Gonzáles
20soles.jpg Banknote Peru 20 Nuevos Soles (Reverse).jpg 20 Orange Raúl Porras Barrenechea
Banknote Peru 50 Nuevos Soles.jpg Banknote Peru 50 Nuevos Soles (Reverse).jpg 50 Brown Abraham Valdelomar Pinto
100soles.jpg Banknote Peru 100 Nuevos Soles (Reverse).jpg 100 Blue Jorge Basadre Grohmann
Banknote Peru 200 Nuevos Soles.jpg Banknote Peru 200 Nuevos Soles (Reverse).jpg 200 Pink Saint Rose of Lima
Current PEN exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY BRL
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY BRL
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD CNY BRL
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD CNY BRL

See also

References

  1. ^ San José State University Department of Economics, The economic history and the economy of Peru. Retrieved on July 11, 2007.
  2. ^ a b c (Spanish) Law N° 25.295, Unidad Monetaria Nuevo Sol, January 3, 1991
  3. ^ (Spanish) Banco Central de Reserva del Perú, Inflation Report, May 2007, Central Reserve Bank of Peru. Retrieved on July 11, 2007
  4. ^ (Spanish) Circular letter N°021–2005-BCRP, December 7, 2005, Central Reserve Bank of Peru
  5. ^ World coin news Wednesday, August 29, 2007 http://worldcoinnews.blogspot.com/2007/08/peru-5-centimos-2007-aluminium.html#comments
  6. ^ (Spanish) Banco Central de Reserva del Perú, Cono Monetario. Retrieved on July 14, 2007.
  7. ^ (Spanish) Circular letter N°028-97-EF/90, August 26 1997, Central Reserve Bank of Peru
  8. ^ (Spanish) Banco Central de Reserva del Perú, Familia de Billetes. Retrieved on July 14, 2007.

External links

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