Peru is a South American country home to Machu Picchu and a part of the Amazon rainforest. The national currency of Peru is the Peruvian sol (PEN). In January 1991, it began in circulation under the title Nuevo Sol but was renamed Sol following a law that came into effect on December 15, 2015. Peru being a Spanish colony, used the peso, real, and escudo as its currency. Despite gaining independence in 1821, the country continued using the escudo until
1863, when the sol was introduced after its monetary system was decimalized. In 1985, massive inflation forced Peru to fix its currency when the inti was introduced to replace the sol at a 1,000-to-1 ratio. In 1991, after harsh economic distress and bouts of hyperinflation, the government was compelled to discard its currency again. The government then introduced the Nuevo Sol, equal to one million inti.
The national currency title was modified from Nuevo Sol to simply Sol on December 15, 2015. In the 1960s, the democratically elected Fernando Belaúnde Terry began an economic liberalization system, emphasizing exports. His attempts were hindered by the persistent threat of Cuba-inspired political rebellions. General Juan Francisco Velasco Alvarado seized power in 1968 and nationalized the fishmeal industry and many banks, mining firms, and oil companies. Fortunately, Peru’s economy improved in the 21st century.
The Central Reserve Bank of Peru issues the Peruvian sol in banknote denominations of 10, 20, 50, 100 and 200 soles. The currency is represented with the symbol S/. The Peruvian sol is subdivided into 100 céntimos. Coins circulate in denominations of S/5, S/2 and S/1 and 10, 20 and 50 céntimos.
Peru is a market-oriented developing economy characterized by a growing degree of overseas trade and excessive inequality. The country's financial system is the forty-second largest worldwide. Additionally, Peru's economic system is diverse even though the merchandise exports are required. The business and commerce are located in Lima; however, the agricultural exports were able to build progress in all regions. Peru's top trading partners are China, the United States, South Korea, Japan, and India. Its biggest exports were zinc, oil, copper, and gold. According to World Bank data, Peru recorded 2.15% GDP growth in 2019, with an inflation rate of 2.13%. As of March 2021, one U.S. dollar is equivalent to approximately 3.68 PEN.