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The sol also replaced the Bolivian peso at par, which had circulated in southern Peru. [1] Between 1858 and 1863, coins had been issued denominated in reales, centavos and escudos. The sol was initially pegged to the French franc at a rate of 1 sol = 5 francs (S/. 5.25 to £1 and S/. 1.08 to US$1).
The sol (Spanish pronunciation:; plural: soles; currency sign: S/) [3] is the currency of Peru; it is subdivided into 100 céntimos ("cents"). The ISO 4217 currency code is PEN . The sol replaced the Peruvian inti in 1991 and the name is a return to that of Peru's historic currency, as the previous incarnation of sol was in use from 1863 to 1985.
The nuevo sol ("new sol") was adopted on 1 July 1991, replacing the inti at an exchange rate of a million to one. Thus: 1 new sol = 1,000,000 intis = 1,000,000,000 soles de oro. Inti notes and coins are no longer legal tender in Peru, nor can they be exchanged for notes and coins denominated in the current nuevo sol.
"With such a quantity of dollars in the economy the exchange rate does not move," Economy Minister Jose Arista told Reuters. Peru's sol has become Latin America's most stable currency, shaking off ...
As a result of chronic inflation, the Peruvian currency, the sol, was replaced by the inti in mid-1985, which itself was replaced by the nuevo sol in July 1991; the new currency had an equivalent value of one billion old soles. During García's administration, the per-capita annual income of Peruvians fell to $720, which was below 1960 levels ...
In 1990, Peru's currency was switched again from the Peruvian inti to the Peruvian nuevo sol as inflation began to decrease. A government initiative offered to exchange nuevo soles with Peruvians intis at the exchange rate of 1,000,000 Peruvian intis. Inflation continued to decline which contributed favorably to the new currency's circulation ...
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The sol is the currency of Peru. The exchange rate as of January 2025 is 3.76 soles to the US dollar. [106] It was instated in 1991, when the Peruvian government abandoned the inti due to hyperinflation of the currency; the sol has since maintained the lowest inflation rate in Latin America. [107]