Peruvian Sol (PEN)

Peru — Banco Central de Reserva del Perú

Peruvian sol — Andean commodity currency tied to copper, gold, and BCRP credibility.

FX Session:
New York
PEN/USD
0.29339
PEN/USD Exchange Rate
Economic Indicators
Indicator Latest Previous Change Date
Policy Rate 4.5 4.5 0.00 2025-06-09
Inflation 1.7 1.68 +0.02 2025-06-30
Core Inflation 2.28 2.31 -0.03 2025-06-30
Unemployment 6.4 6.1 +0.30 2025-06-30
Trade Balance 2795.0 2432.0 +363.00 2025-06-30
Retail Sales -4.92 0.62 -5.54 2025-06-30
Ppi -2.17 1.53 -3.70 2025-07-31
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About the Peruvian Sol (PEN)

The Peruvian sol (PEN) is the official currency of Peru. It is one of the more stable Latin American currencies thanks to Peru's prudent macroeconomic framework, large international reserves, and long history of inflation-targeting by the central bank.

Banco Central de Reserva del Perú: monetary policy framework

The Banco Central de Reserva del Perú (BCRP) sets the reference rate at twelve monthly meetings per year and targets 1–3% CPI inflation. The BCRP is well known for its active management of FX volatility through both spot intervention and non-deliverable forwards.

What moves the PEN?

  • BCRP reference rate and monthly policy statements.
  • Peru CPI and core CPI for Lima Metropolitan Area.
  • Copper and gold prices — Peru is a top global producer of both.
  • BCRP FX intervention activity (spot and forwards).
  • Domestic political stability and protest-related disruptions.
  • Global EM and Latin American risk sentiment.

Key data and events to watch

  • BCRP monthly reference-rate decision.
  • Peru CPI (Lima) release.
  • Copper and gold benchmark prices.
  • BCRP FX intervention announcements.
  • Monthly trade balance and reserve disclosures.

Frequently asked questions about the Peruvian Sol

What inflation target does the BCRP use?
The BCRP targets 1–3% CPI inflation for the Lima Metropolitan Area, with a midpoint of 2%. The framework has been in place since 2002 and has anchored Peruvian inflation expectations at among the lowest in Latin America.
Why is PEN relatively stable for an EM currency?
Peru combines low inflation, large FX reserves (often above 25% of GDP), low public debt, and a credible central bank that intervenes actively in FX markets to smooth volatility. These factors have produced one of the lowest currency volatilities in Latin America.
How does copper affect the Peruvian sol?
Peru is one of the world's largest copper producers. Higher copper prices boost export revenue, fiscal receipts, and FX inflows, all of which typically support PEN.
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