Convert USA Dollar (USD) to Peruvian Nuevo Sol (PEN)

The nuevo sol (plural: nuevos soles) (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 current exchange rate of the Nuevo Sol was 2.92 Nuevos Soles to 1 U.S. Dollar.. To compare the price of Peruvian Nuevo Sol (PEN) to other currencies you can use the following currency converter.

Example of Peruvian Nuevo Sol (PEN)

Banknotes of Peruvian Nuevo Sol (PEN)

In 1990, banknotes for 10, 20, 50 and 100 nuevos soles were introduced. The banknote for 200 nuevos soles was subsequently introduced in August 1995. All notes are of the same size (140 x 65 mm) and contain the portrait of a well-known historic Peruvian on the obverse. The first banknotes were introduced by the private banks. In 1864, Banco La Providencia introduced notes for 5, 20, 40, 80 and 200 soles, with all but the 5 soles also denominated in pesos (25, 50, 10 and 250 pesos). Later issues of this bank included denominations of ½, 1, 2, 4, 5, 8, 10, 20, 50, 100, 500 and 1000 soles.

Additional denominations to those issued by the Banco La Providencia included 10, 20 and 40 centavos, 25 and 400 soles.

In 1879, the government introduced notes for 1, 2, 5, 10, 20, 50, 100 and 500 soles. In 1881, 5 and 100 incas notes were overprinted with the denominations 50 and 1000 soles. In 1914, bearer cheques were introduced for ½, 1, 5 and 10 libras (5, 10, 50 and 100 soles). 1 sol cheques were issued in 1918 whilst, in 1917, gold certificates for 5 and 50 centavos and 1 sol were issued. In 1922, the Reserve Bank of Peru took over paper money production, issuing a final series of libra notes.

In 1933, the Reserve Bank began issuing notes denominated in soles. The first issues were libra notes overprinted with the new denominations of 5, 10, 50 and 100 soles. Regular issues followed in denominations of ½, 1, 2, 5, 10, 20, 50 and 100 soles. 50 centavos and 1 sol were only issued until 1935. 500 soles notes were introduced in 1946, followed by 200 and 1,000 soles in 1968. The 5 soles note was last produced in 1974, with the 10 and 50 soles being last issued in 1976 and 1977 respectively. That same year, 5,000-sol notes were introduced. In 1979, 10,000 soles notes were added, followed by 50,000 soles in 1981.

The economy of Peru

The economy of Peru is the 47th largest in the world. Peru is an emerging, market-oriented economy characterized by a high level of foreign trade. Its 2009 per capita income (PPP) was estimated at $$8,825. Peru has a Human Development Index score of 0.806; 36.2% of its total population is poor, including 12.6% that is extremely poor. Poverty has steadily decreased since 2004, when nearly half the country's population was under the poverty line.

Historically, the country's economic performance has been tied to exports, which provide hard currency to finance imports and external debt payments. Peru's main exports are copper, gold, zinc, textiles, and fish meal; its major trade partners are the United States, China, Brazil, and Chile.

Although exports have provided substantial revenue, self-sustained growth and a more egalitarian distribution of income have proven elusive.

Services account for 53% of Peruvian gross domestic product, followed by manufacturing (22.3%), extractive industries (15%), and taxes (9.7%). Recent economic growth has been fueled by macroeconomic stability, improved terms of trade, and rising investment and consumption. Trade is expected to increase further after the implementation of a free trade agreement with the United States signed on April 12, 2006. Inflation in 2006 was the lowest in Latin America at only 1.8%, but increased in 2007 as oil and commodity prices rose; in the first half of 2008, it had reached about 5.5%. The jobless rate had increased to 8.8% by January 2009; the current average wage in the country is 1,047 nuevos soles.