PEN information
About the Peruvian Sol (PEN)
What Is the Peruvian Sol (PEN)?
The Peruvian Sol, with the currency symbol: S/ and the ISO 4217 code PEN, is the sole legal tender of Peru. It's subdivided into 100 céntimos. The Sol, a term derived from the Latin 'solidus' and also meaning 'sun' in Spanish, symbolizes continuity from Peru's historic currency and its rich cultural heritage.
The Peruvian Sol is issued by the Central Reserve Bank of Peru (Banco Central de Reserva del Perú). This institution is responsible for the country's monetary policy, including the issuance and regulation of the national currency. The Central Reserve Bank of Peru plays a crucial role in maintaining the stability of the Sol and overseeing the country's financial system.
What Is the History of PEN?
Before Peru's independence in 1821, the Spanish colonial real was the prevalent currency. The Inca Empire, which preceded Spanish rule, used a unique accounting system called quipu instead of physical currency. Post-independence, Peru introduced its version of the real in 1822. However, following the global economic downturn in 1929, Peru faced severe hyperinflation. In 1963, the government introduced the sol, replacing the real. However, due to political instability and economic mismanagement, the sol was replaced by the inti in the 1980s. The late 1980s saw massive hyperinflation, leading to the introduction of the Nuevo Sol in the 1990s by President Alberto Fujimori. This move stabilized the economy, leading to lower inflation and better economic stability. The Nuevo Sol was renamed simply as Sol in 2015..
Notes and Coins of PEN
The Peruvian Sol comprises various denominations in both notes and coins, reflecting a rich blend of cultural and historical significance. Notes are available in denominations of 10, 20, 50, 100, and 200 Soles, each distinctively designed with iconic Peruvian figures, cultural symbols, and landmarks. Coins, on the other hand, come in denominations of 1, 2, and 5 Soles, along with smaller céntimos coins of 5, 10, 20, and 50 céntimos.
Is PEN Pegged to USD?
No, the Peruvian Sol (PEN) is not pegged to the United States Dollar (USD). The Sol operates under a floating exchange rate system, where its value is determined by market forces such as supply and demand in the foreign exchange market. This is in contrast to a pegged exchange rate system, where a country's currency value is fixed or tied to another major currency like the USD. Peru's monetary policy, managed by the Central Reserve Bank of Peru, allows the Sol to fluctuate freely against the USD and other foreign currencies.
Is PEN a Stable Currency?
The Peruvian Sol is recognized as a stable currency, particularly in the context of Latin American economies. As of January 2024, it was hailed as the most stable currency in the region, exhibiting less intense daily fluctuations in its exchange rate compared to its peers. This stability is underscored by the Sol's modest devaluation against the US dollar, with only a 41 Sol cent decrease from November 2018 to November 2023. Contributing to this stability are Peru's strong economic fundamentals, including a trade balance surplus of nearly $15 billion and international reserves approximating $75 billion, equivalent to 28% of its Gross Domestic Product. These factors collectively underscore the Sol's resilience and reliability as a currency in the global market.
GECKO to PEN conversion rate trend
Conversion rate comparison of various exchanges
Exchange | Price | Maker / Taker Fee | Tradable |
---|---|---|---|
BitgetBest | S/.0.{4}5592 | 0.0200% / 0.0320%VIP 7 |
How to buy Gecko Coin
Buy GECKO (or USDT) for PEN (Peruvian Sol) offers
Merchants (trades/completion rate) | Price | Amount/limit Low to high | Payment methods | Zero fees Action |
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Sell GECKO (or USDT) for PEN (Peruvian Sol) offers
Merchants (trades/completion rate) | Price | Amount/limit High to low | Payment methods | Zero fees Action |
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What factors influence the conversion rate of Gecko Coin to Peruvian Sol?
Gecko Coin to Peruvian Sol is falling this week.Conversion tables
The exchange rate of Gecko Coin is increasing.GECKO to PEN
PEN to GECKO
Today vs. 24 hours ago
Amount | 08:49 am today | 24 hours ago | 24h change |
---|---|---|---|
0.5 GECKO | $0.{5}7541 | $0.{5}7922 | -4.87% |
1 GECKO | $0.{4}1508 | $0.{4}1584 | -4.87% |
5 GECKO | $0.{4}7541 | $0.{4}7922 | -4.87% |
10 GECKO | $0.0001508 | $0.0001584 | -4.87% |
50 GECKO | $0.0007541 | $0.0007922 | -4.87% |
100 GECKO | $0.001508 | $0.001584 | -4.87% |
500 GECKO | $0.007541 | $0.007922 | -4.87% |
1000 GECKO | $0.01508 | $0.01584 | -4.87% |
Today vs. 1 month ago
Amount | 08:49 am today | 1 month ago | 1M change |
---|---|---|---|
0.5 GECKO | $0.{5}7541 | $0.{5}5813 | +30.26% |
1 GECKO | $0.{4}1508 | $0.{4}1163 | +30.26% |
5 GECKO | $0.{4}7541 | $0.{4}5813 | +30.26% |
10 GECKO | $0.0001508 | $0.0001163 | +30.26% |
50 GECKO | $0.0007541 | $0.0005813 | +30.26% |
100 GECKO | $0.001508 | $0.001163 | +30.26% |
500 GECKO | $0.007541 | $0.005813 | +30.26% |
1000 GECKO | $0.01508 | $0.01163 | +30.26% |
Today vs. 1 year ago
Amount | 08:49 am today | 1 year ago | 1Y change |
---|---|---|---|
0.5 GECKO | $0.{5}7541 | $0.0001449 | -94.86% |
1 GECKO | $0.{4}1508 | $0.0002898 | -94.86% |
5 GECKO | $0.{4}7541 | $0.001449 | -94.86% |
10 GECKO | $0.0001508 | $0.002898 | -94.86% |
50 GECKO | $0.0007541 | $0.01449 | -94.86% |
100 GECKO | $0.001508 | $0.02898 | -94.86% |
500 GECKO | $0.007541 | $0.1449 | -94.86% |
1000 GECKO | $0.01508 | $0.2898 | -94.86% |
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