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.
