20-Sol-of-Peru

20 Sol of Peru

21 Sep 2020  Mon

The sol was the currency of Peru between 1863 and 1985. The abbreviation of currency is PES. It was subdivided into 10 dineros or 100 centavos.

Initially, banknotes were introduced by the private banks. In 1864, Banco La Providencia introduced notes for 5, 20, 40, 80 and 200 soles. Additional denominations to those issued by the Banco La Providencia included 10, 20 and 40 centavos, 25 and 400 soles.

Peruvian economic performance has been based on exports, which provide hard currency to finance imports and external debt payments. Its main exports are copper, gold, zinc, textiles, chemicals, pharmaceuticals, manufactures, machinery, services and fish meal.

Due to the chronic inflation, the sol was replaced by the one inti at a rate of 1000 soles in 1985. The nuevo sol replaced the inti in 1991.

Sol notes and coins are no longer legal tenders in Peru nor can they be exchanged with the currency.

Image Courtesy: Wikipedia.com

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