Nuevo Sol

About The Nuevo Sol: The Strong Currency of Peru

Quick Facts About the Nuevo Sol Notes

Country of Origin	Peru
Symbol	S/
Currency Code	PEN
Nick Names
Minor units	Céntimo
Denominations (Banknotes)	S/10, S/20, S/50, S/100 and S/200
Motto	‘Firme y feliz por la unión’ which means ‘firm and happy for the union
Identification Feature	When it comes to S/100 notes that are in circulation since 2021, you will find the image of Pedro Paulet, a Peruvian polymath, on their reverse side.
Issuing Bank	Central Reserve Bank of Peru
In Circulation Since	July 1, 1991

The Peruvian inti was the country's official currency up until 1991 when it was succeeded by the sol. Its name is a reference to the pre-Columbian currency that was used in Peru; the sol was the official currency of Peru from 1863 until 1985. The Nuevo Sol was first made available to consumers in the market in the month of January in the year 1991 which is the legal tender of Peru now. The "Sol" was formally adopted as the new name for the monetary unit on December 15, 2015, the same day as a new law made the change. The sole is the unit of money used across all of Peru. Throughout its history, Peru has used a variety of currencies, such as the escudo, peso, real, and inti, in addition to its current currency, the Nuevo Sol. The sol symbol is S/.

The current sol price is INR (0 🔄) .

History of the Nuevo Sol

In the past, the escudo, the peso, and the real were all valid forms of payment throughout the territory that is now known as Peru. In spite of the fact that it achieved independence in 1821, it did not adopt the sol as its official currency until the year 1863. Prior to it, they utilised the escudo as their currency.

In 1985, Peru introduced a new currency called the inti as a response to the country's high inflation. At the time, one inti was equivalent to one thousand soles. Once again, in 1991, the government was compelled to give up its currency because of the chronic hyperinflation and severe economic crisis that it was experiencing. A brand new currency known as the Nuevo Sol was introduced by the government; the value of one Nuevo Sol was equal to one million intis. The political history of Peru serves as an illustration of the challenges that can be encountered when attempting to do so.

The year 1991 saw the introduction of brand new coins with denominations of 1, 5, 10, 20, and 50 centimos, in addition to the S/1. In the year 1994, the S/2 and S/5 coins were introduced into circulation.

Although the centimo 1 and centimo 5 coins are recognised as valid money under the law, in actuality very few people use them to transact business. Because of this, on May 1, 2011, the aluminium coin for one centimo that had been in circulation since it was first issued in December 2005 was withdrawn from circulation. Along with the one-centimo denomination, the five-centimo coin was removed from circulation on January 1, 2019. [11] Businesses that accept cash payments are required to round their pricing down to the next 10 or five centimo.

Countries Accepting the Nuevo Sol

Amount in the Nuevo Sol You Should Carry for Your Trip

The stunning country of Peru is also a destination that, depending on a variety of factors, may be prohibitively expensive to visit. Your holiday spending plan will be heavily impacted by the cost of travelling to your destination, the cost of lodging there, as well as the cost of food and drink that you purchase while you are there.

It is possible to travel around Peru with a limited budget of S/.64 per day and yet have enough money left over to buy souvenirs and other miscellaneous items. The cost of a day of luxury travel, including meals at restaurants with Michelin stars and stays at hotels, rated five stars, can easily approach S/.543. For two people, a trip to Peru can range between S/.150 and S/.1,200.

The average cost of a night's stay at a hotel in Peru might range anywhere from S/.26 to S/.244 per person. To put it into perspective, the cost of daily transportation might be anywhere from S/.8.36 and S/.85, depending on whether you utilise public transportation or a private vehicle.

All in all, you can keep an eye on the live Sol rate in order to exchange your currency notes.