The nuevo sol (plural: nuevos soles) (S/.) is the currency of Peru. It is subdivided into 100 centimos. 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.
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 (new sol) as the country's new currency.San Jose State University
Department of Economics, The economic history and the economy of Peru. Retrieved on July 11, 2007. The currency was put into use on July 1, 1991 (by Law N° 25295) to replace the inti at a rate of 1 nuevo sol ! 1,000,000 intis. Law N° 25295, Unidad Monetaria Nuevo Sol, January 3, 1991 Coins denominated in the new unit were introduced on October 1, 1991 and the first banknotes on November 13, 1991.
The nuevo sol currently retains a low inflation rate of 1.5%. Banco Central de reserva del Peru, Inflation Report, May 2007, Central Reserve Bank of Peru. Retrieved on July 11, 2007 Since the new currency was put into effect, it has managed to maintain a stable exchange rate between 3.1 and 3.5 nuevo soles per United States dollar.
Coins
The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 centimos and 1 nuevo sol. 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 centimo coin was introduced in December 2005. Circular letter N°021–2005-BCRP, December 7, 2005, Central Reserve Bank of Peru, and a 5 centimos coin in 2007 World coin news Wednesday, August 29, 2007 http://worldcoinnews.blogspot.com/2007/08/peru-5-centimos-2007-aluminium.html#comments . All coins show the coat of arms of Peru surrounded by the text Banco Central de Reserva del Peru (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 frigatebird figures. Banco Central de reserva del Peru, Cono Monetario. Retrieved on July 14, 2007.
Banknotes
In 1991, banknotes for 10, 20, 50 and 100 nuevos soles were introduced. The banknote for 200 nuevos soles was subsequently introduced in August 1995. Circular letter N°028-97-EF/90, August 26 1997, Central Reserve Bank of Peru
All notes are of the same size (140 x 65 mm) and contain the portrait of an well-known historic peruvian on the obverse. Banco Central de reserva del Peru, Familia de Billetes. Retrieved on July 14, 2007.
See also
- Economy of Peru
- Peruvian inti
- Peruvian sol
References
Bibliography
External links
Other pages about Economy of Peru
-Agricultural history of Peru -Bolsa de Valores de Lima -Central Reserve Bank of Peru -Economy of Peru -International rankings of Peru -Peru-United States Free Trade Agreement -Peruvian inti -Peruvian nuevo sol -Peruvian peseta -Peruvian real -Peruvian sol
Other pages about History of Peru
-1992 Peruvian constitutional crisis -2004 South American Summit -Acaray -Agricultural history of Peru -Alto de la Alianza -Amazonas in the Colonial Epoch -Apu Mallku -Aspero -Atacama border dispute -Barrios Altos massacre -Battle of Sipe-Sipe -Bolivar's War -Cenepa War -Chinchay Suyu -Colombia-Peru War -Cultural periods of Peru -Demographic history of Peru -Diego Fernandez -Diego Lopez de Zuniga y Velasco -Ecuadorian-Peruvian war -Expedicion Libertadora del Peru -Felipillo -Francisco Gil de Taboada -Francisco Pizarro -Fray Martin de Murua -Frecuencia Latina bombing -Gabriel de Aviles y del Fierro -Garci Manuel de Carbajal -Gonzalo Pizarro -Guaman Poma -Guayaquil conference -Hernando Pizarro -History of Lima -History of Peru -History of the Ecuadorian-Peruvian territorial dispute -History of the Incas -Huaca de la Luna -Inca Garcilaso de la Vega -Inca road system -Indigenous peoples in Peru -Inti Raymi -Japanese embassy hostage crisis -Jiskairumoko -Joaquin de la Pezuela -Jorge Basadre -Jose Antonio de Areche -Jose Baquijano -Jose Quinones Gonzales -Jose de la Mar -Jose de la Serna e Hinojosa -Juan de Saavedra -La Cantuta massacre -Lanzon -List of DNA tested mummies -List of Norte Chico sites -List of Prime Ministers of Peru -Lope Garcia de Castro -Maitland Plan -Manco Inca Yupanqui -Manuel Arredondo y Pelegrin -Maria Rostworowski -Mariano Felipe Paz Soldan -Mariano Ignacio Prado -Max Uhle -Mercurio Peruano -Movimiento Etnocacerista -Ollantaytambo -Operation Chavin de Huantar -Operation Condor -Paquisha War -Pascual de Andagoya -Pedro Cieza de Leon -Peru-Bolivian Confederation -Peruvian Ancient Cultures -Peruvian Inquisition -Peruvian War of Independence -Peruvian inti -Peruvian nuevo sol -Peruvian peseta -Peruvian prison massacres -Peruvian real -Peruvian sol -Qoriwayrachina -Raimondi Stela -Ransom Room -Repartimiento -Republic of North Peru -Republic of South Peru -Rio Protocol -Royal Audience of Quito -Shining Path -Simon Bolivar -Spanish conquest of the Inca Empire -Tacna-Arica compromise -Tacnazo -Tarata bombing -Teodoro de Croix -Third Council of Lima -Timeline of Peruvian history -Toribio Rodriguez de Mendoza -Toro Submarino -Treaty of Lima -Truth and Reconciliation Commission (Peru) -Tumi -Tunnels of San Antonio -Tupac Amaru -Tupac Amaru Revolutionary Movement -Upper Peru -Vilcabamba, Peru
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article Peruvian_nuevo_sol
