Peruvian Nuevo Sol - PEN

Overview

The Nuevo Sol is the currency of Peru. It is subdivided into one hundred centimos. The name is derived from Peru's historic currency; the Sol was used during the 19th century until 1985. The origin of the word was from the Latin word solidus, but the name is also related to the Spanish solar.

Economy

• Peru is a developing economy that is market-oriented, characterized by an increasing degree of overseas trade but also an excessive degree of inequality.
• The financial system of Peru is the forty-second largest in the world.
• Its economic system is diverse even though the merchandise exports is needed, the commerce and business are located in Lima however the agricultural exports was able to create progress in all of the regions.
• From the past, the country's financial administration is tied to exports that give exhausting currency to finance imports and exterior debt payments.
• Peru's essential exports are zinc, copper, gold, chemicals, textiles, prescribed drugs, equipment, manufactures, fish meal and companies; its main commerce companions are the China, United States, Brazil, Chile and European Union.

History

• Peruvian Nuevo Sol is one of the crucial steady and reliable currencies and also being the currency that is least affected by the weak greenback world tendency at that time.
• In 1980s, there was a dangerous state of economy and hyperinflation in the federal government and was therefore pressured to desert the inti that was introduced Nuevo Sol being the country’s new banknote.
• Cash denominated within the appended unit have been brought in on October 1, 1991 adding the primary currency on November 13, 1991.
• Since the brand-new foreign money was implementing, it has staggered to maintain up a secure alternate rate from 2.3 to 3.65 Nuevo Soles per Dollar.

General Information