PEN (Peruvian Nuevo Sol)

AAA

DEFINITION of 'PEN (Peruvian Nuevo Sol)'

The currency abbreviation or currency symbol for the Peruvian nuevo sol (PEN), the currency of Peru. The Peruvian nuevo sol is made up of 100 céntimo and is often represented by the symbol S/. The word "sol" is Spanish for "sun," and its use here is meant to give power to the Peruvian people.

INVESTOPEDIA EXPLAINS 'PEN (Peruvian Nuevo Sol)'

The high inflation in Peru during the 1980's forced the country to revalue their currency. The nuevo sol replaced the previous currency, the inti, at a rate of 1,000,000 to 1. A currency referred to as the old sol was used before the inti. It was replaced by the inti for the same reason the nuevo sol replaced the inti - hyperinflation.

RELATED TERMS
  1. Currency Pair

    The quotation and pricing structure of the currencies traded ...
  2. Forex Futures

    An exchange-traded contract to buy or sell a specified amount ...
  3. Authorized Forex Dealer

    Any type of financial institution that has received authorization ...
  4. Currency

    A generally accepted form of money, including coins and paper ...
  5. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise ...
  6. Forex - FX

    The market in which currencies are traded. The forex market is ...
Related Articles
  1. MACD Histogram Helps Determine Trend ...
    Trading Strategies

    MACD Histogram Helps Determine Trend ...

  2. Currency Exchange: Floating Rate Vs. ...
    Forex Education

    Currency Exchange: Floating Rate Vs. ...

  3. Using Double Tops And Double Bottoms ...
    Forex Education

    Using Double Tops And Double Bottoms ...

  4. Forex: Should You Be Trading Trend Or ...
    Forex Education

    Forex: Should You Be Trading Trend Or ...

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center