History
Because of the bad state of economy in the 1980s and hyperinflation in the late 1980s the government was forced to abandon the inti and introduce the Nuevo Sol as the country's new currency. The currency was put into use on July 1, 1991 (by Law N° 25,295) to replace the Inti at a rate of 1.00 Nuevo Sol = 1,000,000.00- Intis. Coins denominated in the new unit were introduced on October 1, 1991 and the first banknotes on November 13, 1991. Hitherto the Nuevo Sol currently retains a low inflation rate of 1.5%. Since the new currency was put into effect, it has managed to maintain a stable exchange rate between 2.3 and 3.65 Nuevo Soles per United States dollar.
Out of all the currencies of the Latin American region, the Peruvian Nuevo Sol has been one of the most—if not the most—stable and reliable currencies, also being the currency least affected by the weak dollar global tendency. During the late months of 2007 and the first months of 2008, the rate fell to 2.69 Nuevos Soles per USD, a rate not seen since 1997. As of June 2008, the dollar went up again and was trading at 2.94 nuevos soles per USD. For most of 2012 the Peruvian Nuevo Sol was trading at 2.65 against the USD. As of March 15, 2013, the Peruvian Nuevo Sol was trading at S/. 2.59 per USD.
Read more about this topic: Peruvian Nuevo Sol
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