Peruvian sol

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  (Redirected from Peruvian nuevo sol)
Peruvian sol
sol peruano (Spanish)
Un Sol.jpg
1 sol (Obverse)
ISO 4217
Code PEN
Number 604
Exponent 2
Denominations
Subunit
1100 céntimo
Plural Soles
céntimo céntimos
Symbol S/
Banknotes
 Freq. used 10, 20, 50, 100 soles
 Rarely used 200 soles
Coins
 Freq. used 5, 10, 20, 50 céntimos, 1, 2, 5 soles
Demographics
Date of introduction July 1, 1991
Replaced Peruvian inti
User(s)  Peru
Issuance
Central bank Central Reserve Bank of Peru
 Website www.bcrp.gob.pe
Mint National Mint (Casa Nacional de Moneda)
Valuation
Inflation 2%
 Source [1] January 2014

The sol (Spanish pronunciation: [ˈsol]; plural: soles; currency sign: S/)[2] 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. Although sol in this usage is derived from the Latin solidus, the word also means "sun" in Spanish. There is thus a continuity with the old Peruvian inti, which was named after Inti, the Sun God of the Incas.

At its introduction in 1991, the currency was officially called nuevo sol ("new sol"), but on November 13, 2015, the Peruvian Congress voted to rename the currency simply sol.[3][4]

History

Because of the bad state of economy and hyperinflation in the late 1980s, the government was forced to abandon the inti and introduce the sol as the country's new currency.[5] The new currency was put into use on July 1, 1991, by Law No. 25,295, to replace the inti at a rate of 1 sol to 1,000,000 intis.[6] Coins denominated in the new unit were introduced on October 1, 1991, and the first banknotes on November 13, 1991. Since that time,[when?] the sol has retained an inflation rate of 1.5%, the lowest ever in either South America or Latin America as a whole.[7][not in citation given] Since the new currency was put into effect, it has managed to maintain a stable exchange rate[8] between 2.2 and 3.66 per United States dollar.

Coins

The current coins were introduced in 1991 in denominations of 1, 5, 10, 20, and 50 céntimos and 1 sol.[6] The 2- and 5-sol coins were added in 1994. Although one- and five-céntimo coins are officially in circulation, they are very rarely used. For this reason, the aluminium one-céntimo coin introduced in December, 2005,[9] was removed from circulation on May 1, 2011. For cash transactions, retailers must round down to the nearest ten céntimos or up to the nearest five. Electronic transactions will still be processed in the exact amount. An aluminium five-céntimo coin was introduced in 2007.[10] 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 each coin shows its denomination. Included in the designs of the bimetallic two- and five-sol coins are the hummingbird and condor figures from the Nazca Lines.[11]

Image Value Diameter (mm) Thickness (mm) Mass (g) Composition Edge
5 céntimos 18 1.50 1.02 Aluminium Smooth
10 céntimos 20.5 1.26 3.50 Brass Smooth
20 céntimos 23 1.26 4.40 Brass Smooth
50 céntimos 22 1.65 5.45 Cu–Zn–Ni Reeded
1 sol 25.5 1.65 7.32 Cu–Zn–Ni Reeded
2 soles 22.2 2.07 5.62 Bimetallic
Outside ring: Steel
Centre: Cu–Zn–Ni
Smooth
5 soles 24.3 2.13 6.67 Bimetallic
Outside ring: Steel
Centre: Cu–Zn–Ni
Reeded (since 2009)

Banknotes

Banknotes for 10, 20, 50, and 100 soles were introduced in 1990.[6] The banknote for 200 soles was introduced in August, 1995.[12] All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse.[13]

Denomination In circulation since Colour Person depicted on obverse Reverse Image (obverse)
10 soles
1991
Green
José Quiñones Gonzáles
Curtiss Hawk 75-A8
A Caproni Ca.113, flying upside-down
2011
Green
José Quiñones Gonzáles
Machu Picchu
2014
Dark Green
José Quiñones Gonzáles
Machu Picchu
[1]
20 soles
1991
Orange
Raúl Porras Barrenechea
Interior of Torre Tagle Palace, seat of Peru's Ministry of Foreign Relations
2011
Orange
Raúl Porras Barrenechea
Huaca del Dragón, incorrectly named as Chan Chan
[2]
50 soles
1991
Brown
Abraham Valdelomar
Oasis of Huacachina, Ica
2011
Brown
Abraham Valdelomar
New temple of Chavin de Huantar (Huaraz)
[3]
100 soles
1992
Blue
Jorge Basadre
National Library of Peru
2011
Blue
Jorge Basadre
Great Pajaten
[4]
200 soles
1995
Pink
Rose of Lima
Convent of Santo Domingo, Lima
2011
Gray
Rose of Lima
Sacred City of Caral-Supe
[5]
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: AUD CAD CHF EUR GBP HKD JPY USD CNY BRL
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD CNY BRL
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD CNY BRL

See also

References

  1. ^ "6 Percent GDP Growth And The Lowest Inflation Rate In Latin America: Peru In 2014". International Business Times. January 14, 2014. Retrieved January 28, 2014. 
  2. ^ "La moneda peruana tiene un nuevo símbolo: desde ayer es S/ no S/. según BCR". La Republica. January 6, 2016. Retrieved January 11, 2016. 
  3. ^ "Moneda peruana cambiará de nombre de "nuevo sol" a "sol"". El Comercio de Perú. November 13, 2015. Retrieved November 23, 2015. 
  4. ^ "Desde ayer la moneda peruana se llama "Sol"". El Comercio de Perú. December 16, 2015. Retrieved December 20, 2015. 
  5. ^ San José State University Department of Economics, The economic history and the economy of Peru. Retrieved on July 11, 2007.
  6. ^ a b c (in Spanish) Law No. 25.295, Unidad Monetaria Nuevo Sol, January 3, 1991
  7. ^ (in Spanish) Banco Central de Reserva del Perú, Inflation Report, May 2007, Central Reserve Bank of Peru. Retrieved on July 11, 2007
  8. ^ "Peru's nuevo sol is the most stable currency in region". Peru This Week. July 2, 2012. Retrieved January 28, 2014. 
  9. ^ (in Spanish) Circular letter No. 021–2005-BCRP, December 7, 2005, Central Reserve Bank of Peru
  10. ^ World coin news Wednesday, August 29, 2007 http://worldcoinnews.blogspot.com/2007/08/peru-5-centimos-2007-aluminium.html#comments
  11. ^ (in Spanish) Banco Central de Reserva del Perú, Cono Monetario. Retrieved on July 14, 2007.
  12. ^ (in Spanish) Circular letter N°028-97-EF/90, August 26, 1997, Central Reserve Bank of Peru
  13. ^ (in Spanish) Banco Central de Reserva del Perú, Familia de Billetes. Retrieved on July 14, 2007.

External links

  • Banknotes and Coins from the Central Bank of Peru
  • Peru Banknotes: full detailed catalog
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