|
Date
|
Changes
to the exchange rate regime
|
Sol. (or Inti.) per U.S. Dollar
|
| 31 August 1967 | Before the time, the Peruvian Sol (S/.) remained a single, controlled exchange rate of about S/.26.80 per U.S. Dollar.
With the withdral of official support intervention, the currency was then permitted to float, thus de facto devaluing the unit. (WCY 1984, p. 605) | 26.800 |
| 5 October 1967 | The dual exchange market was reintroduced, with an Exchange Certificate Rate pegged at S/.38.70 per U.S. Dollar and a freely fluctuating Free Draft Market Rate, thus recognizing a de jure devaluation. (WCY 1984, p. 605) | |
| 24 June 1968 | A 10% surchange was placed on Exchange Certificates utilized for imports, thereby creating an Effective Import Certificate Rate of S/.42.57 per U.S. Dollar. (WCY 1984, p. 605) | |
| 27 May 1969 | The 10% import exchange tax surcharge was replaced by a 10% tariff surchange on all imports, thus eliminating the Effective Import Certificate Rate but continuing an Effective Import Rate of S/.42.57 per U.S. Dollar. (WCY 1984, p. 605) | |
| 15 May 1970 | Foreign exchange controls were introduced. The Free Draft Market was renamed the Mercado de Giros, and its exchange rate was fixed at S/.43.88 /43.50 per U.S. Dollar. (WCY 1984, p. 605) | |
| 18 September 1970 | A 10% tax was levied on foriegn exchange purchases made through the Mercado de Giros by residents for travel abroad, thus creating a Resident Travel Rate of S/.47.85 per U.S. Dollar and partially devaluing the Sol. The tax was reaised to 50% for amounts of foreign exchange exceeding the authorized travel allowances. (WCY 1984, p. 605) | |
| 25 May 1971 | The 10% tax was extended to cover the acquisition of goods and services while traveling abroad. (WCY 1984, p. 605) | |
| 25 August 1971 | Following the floating of the U.S. Dollar, Lima declared that the exchange rates of the Sol vis-a-vis the American unit would not be altered, thus effecting a de facto devaluation. (WCY 1984, p. 605) | |
| 27 December 1971 | In the wake of the U.S. Dollar devaluation on December 18th, the Sol was theoretically devalued 7.89% in terms of gold, as Peru announced no change in the Sol's exchange rate relationship against the U.S. Dollar. (WCY 1984, p. 605) | |
| 1 January 1973 | The Effective Import Rate was abolished. | |
| 13 February 1973 | Following the U.S. Dollar's devaluation, Lima also reduced the theoretical gold content of the Sol by 10%, thus maintaining its exchange rate structure unchanged vis-a-vis the Greenback. (WCY 1984, p. 605) | |
| 1 March 1974 | A 10% tax was placed on traditional exports, thereby creating an Export Rate of S/.34.83 per U.S. Dollar. (WCY 1984, p. 605) | |
| 31 December 1974 | Certificate Rate: 38.70; Export Rate: 34.83; Mercadp de Giros: 43.50; Resident Travel Rate: 47.85. (WCY 1984, p. 612) | |
| 7 January 1975 | The Resident Travel Rate was devalued to S/50.03 per U.S. Dollar, as the 10% tax was raised to 15%. For business travel abroad, the tax was levied at a 20% rate, resulting in another Resident Travel Rate of S/.52.20 per Greenback. (WCY 1984, p. 605) | |
| 29 September 1975 | The Sol was devalued to an Official Rate of S/.45.00 per U.S. Dollar, thus equalizing the exchange values of the Exchange Certificate Rate and the Mercado de Giros Rate. (WCY 1984, p. 605) | 45.000 |
| 31 December 1975 | Certificate Rate: 45.00; Export Rate: 40.50; Mercadp de Giros: 45.00; Resident Travel Rate: 51.75. (WCY 1984, p. 612) | 45.000 |
| 12 January 1976 | The Sol was again partially devalued, with the Resident Travel Rate cut from S/.51.75 to S/.58.50 per U.S. Dollar, resulting from the increase of the 15%-20% on foreign outlays to 30%. (WCY 1984, p. 605) | |
| 28 June 1976 | The Sol was devalued 30.8% in terms of gold, to a new Official Rate of S/.65.00 per U.S. Dollar. Also, the Export Rate was altered to S/.55.25 per Greenback, as the 10% tax on traditional exports was raised to 15%. (WCY 1984, p. 605) | 65.000 |
| 22 September 1976 | A system of periodic minidevaluations of the Sol was introduced with subsidiary rates adjusted accordingly. (WCY 1984, p. 605) | |
| 31 December 1976 | Certificate Rate: 69.37; Export Rate: 58.96; Mercadp de Giros: 69.37; Resident Travel Rate: 90.18. (WCY 1984, p. 612) | 69.370 |
| 8 July 1977 | The minidevaluations of the Official Rate were suspended at S/.80.88 per U.S. Dollar. (WCY 1984, p. 605) | 80.880 |
| 7 October 1977 | The Exchange Certificate Rate and the Mercado de Giros Rate were abolished. The Official Rate was made inoperative, and an Effective Rate, also called the CRB Rate, was established with the Sol placed on a controlled, floating basis. Also, the Resident Travel Rate was revised, making the 30% tax applicable only to modes of trave. (WCY 1984, p. 605)
The rate listed in the last column of this table since is the Effective Rate. | |
| 13 December 1977 | A CD Rate was created based on Foreign Exchange Bank Certificates issued by banks in Peru and freely negotiable. (WCY 1984, p. 605)
Effective CRB Rate: 130.38; Export Rate: 110.74; CD Rate: 150.00; Resident Travel Rate: 169.49. (WCY 1984, p. 612) | 130.380 |
| 9 May 1978 | The Export Rate was revised, as the 15% tax on traditional exports was increased to 17.5%. (WCY 1984, p. 605) | |
| 22 October 1978 | The Resident Travel Rate was abollished. (WCY 1984, p. 606) | |
| 31 December 1978 | Export Rate: 169.95; CD Rate: 212.50. (WCY 1984, p. 612) | 196.180 |
| 31 December 1979 | Export Rate: 212.86; CD Rate: 252.60. (WCY 1984, p. 612) | 250.120 |
| 31 December 1980 | Export Rate: 290.36; CD Rate: 344.00. (WCY 1984, p. 612) | 341.170 |
| 1 January 1981 | The tax on most traditional exports, resulting in an Export Rate, was reduced to 10%. (WCY 1984, p. 606) | |
| 31 December 1981 | Export Rate: 460.83; CD Rate: 511.00. (WCY 1984, p. 612) | 506.170 |
| 1 January 1982 | The tax on most traditional exports, resulting in an Export Rate, was reduced to 5%. A 15% surcharge was palced on all imports in addition to all other taxes that established multiple Import Rate. (WCY 1984, p. 606) | |
| 21 May 1982 | It was announced that all transactions of the Government would henceforth be conducted at the Central Reserve Bank's exchange rate (buying=selling); hitherto, the preceding business day's buying and selling rates in the unified exchange market had been used for such transactions. (IMF 1983, p.378) | |
| 31 December 1982 | Export Rate: 942.51; CD Rate: 1000.00. (WCY 1984, p. 612) | 989.700 |
| 30 September 1983 | CD Rate: 2,061.00. Export Rate: 1,944.00. (WCY 1984, p. 610) | 2,041.000 |
| 31 December 1983 | CD Rate: 2,314.10; Export Rate: 2,204.09. (WCY 1985, p. 667) | 2,271.170 |
| 1984 | During the year, the CD Rate was made applicable to most permitted payments and transfers, while the Effective Rate (CRB Rate) was to be used for all government and most current private transactions. (WCY 1985, p. 661) | |
| 3 January 1984 | The tax on most traditional exports, resulting in an Export Rate, was changed to 5% and 10% depending on the market price of the commodity. (WCY 1985, p. 661) | |
| 31 December 1984 | CD Rate: 6,104.95; Export Rate: 5,405.41/5,154.64. (WCY 1985, p. 661) | 5,695.980 |
| 1 February 1985 | The Peruvian Inti (I/.) replaced the Sol (S/.) at S/.1,000.00=I/.1.00. It was an accounting unit. (WCY 1990-1993, p. 352)
The rate listed in the right column since is the Official Market Rate of Inti. | |
| 27 June 1985 | Inti was cut to I/.11.65 per Greenback. (WCY 1990-1993, p. 352) | 11.650 |
| 2 August 1985 | Inti was cut 10.7% to I/.13.94 per Greenback.
At the same time, convertibility into foreign currency of Certificates of Deposit (CD) was suspended for 90 days and then extended to April 30, 1986. They could, however, be converted into Intis at the newly established fixed Official Market Rate (MUC) of I/.13.94 per U.S. Dollar plus a premium of 3%, used to make payments abroad through the Official Market or, at their maturity, used to buy new Certificates of Deposits.
The Effective Rate was abolished and the system of frequent adjustments was discounted. The U.S. Dollar denomination CD market was replaced by a Free (Financial) Market, initially at I/.17.35 per U.S. Dollar whcih governed purchases of exchange for travel, insurance, technical services and personal remittances abroad. All other transactions were to be handled at the Official Market Rate. (WCY 1990-1993, p. 352) | 13.940 |
| 31 August 1985 | The Free Market Rate became a Controlled Financial Market (MF) Rate, but a Free Financial Market Rate still existed. (WCY 1990-1993, p. 352) | |
| 1986 | The Inti was put in circulation along with Soles which were to cease being legal tender in 1990. All import payments were transferred from the Official Market Rate to the Controlled Financial Market Rate, except for "essentials". The MUC Rate at I/. 13.95 per U.S. Dollar now governed essential imports, foreign debt payments of the government and foreign workers' salaries. It was also used as a basis for the Mixed Export Rates. The Free Financial Market Rate was applicable to private financial transactions and tourism. (WCY 1990-1993, p. 352) | |
| 29 July 1986 | Remittances of foreign exchange for private sector debt service payments, dividends, profits, royalties, patent fees and technical assistance fees were "temporarily" suspended. Public external debt servicing was limited to 10% of export earning. (WCY 1990-1993, p. 352) | |
| 2 December 1986 | The surrender requirements for the Mixed Export Rates were adjusted to 90% of MUC Rate and 10% of the MF Rate for oil exports, 65%/35% for non-oil traditional exports and 45%/55% for mineral exports. Non-traditional exporters could convert their proceeds 100% at the MF Rates. They also received a subsidy of 10% or 20% depending on the goods shipped. (WCY 1990-1993, p. 352) | |
| 31 December 1986 | Tourism and Private Rate: 19.60; Financial Exchange Market Rate: 17.45; Export Rates: 19.20/20.94; Export Tax Rate: 16.62/15.86. (WCY 1986-1987, p.360) | 13.950 |
| 1 January 1987 | The Inti was to be devalued 2.2% monthly. (WCY 1990-1993, p. 352) | |
| February 1987 | Most non-financial service transactions were transferred to the MF Rate and the percentage of export surrender requirements was lowered for certain shipments. (WCY 1990-1993, p. 352) | |
| 3 April 1987 | A Capital Repatriation Rate was estabished. Funds repatriated for local investment and converted at the Free Financial Market Rate would receive a 7.5% premium immediately and another 7.5% after 18 months. (WCY 1990-1993, p. 352) | |
| 29 July 1987 | The Inti was devalued and the rate system restructured. For conversion of export receipts, the average devaluation was 9% and the number of distinct exchange rates was increased from five to seven. The monthly 2.2% depreciation of the Inti was to continue for traditional exports. For imports, the average devaluation was 21% and the number of fixed exchange rates were raised from two to three. For the import of essential foodstuffs and medicines the rate was at par with the MUC Rate. For other essential imports, outbound public-sector remittances, debt service and inbound remittances the rate was 125% of the MUC Rate and for nonessential imports and outbound private-sector remittances it was 182% of the MUC Rate. Also, all foreign exchange held locally or abroad had to be converted into Intis or U.S. Dollar-indexed certificates of deposits, and foreign currency bank deposits were declared illegal. (WCY 1990-1993, p. 352) | |
| 31 July 1987 | A new U.S. Dollar CD Rate was created based on auctins by the Central Reserve Bank and was made applicable to conversion of foreign currency bank deposits, tourist receipts, payments for unlicensed dealings and for conversion of export proceeds. The seven export rates were devalued from between 0.5% to 2.7%, and ranged from 120.2% of the MUC Rate to 182% of the MUC Rates. (WCY 1990-1993, p. 352) | |
| 26 October 1987 | The MUC Rate was devalued 20% to I/.20.00 per U.S. Dollar.
The number of import rates increased to five. For imports of basic foodstuffs and medicines it was 79.65% of MUC rates, for authorized imports 175%, for overseas expenses it was at par with the MUC Rate and for all other remittances and tourism it was 175% of the MUC Rate.
The number of export rates was reduced to three. For the conversion of earnings from minerals and hydrocarbons it was 125% of the MUC Rate, for most other traditional exports it was 140% of the MUC Rate and for nontraditional shipments it was 160% of the MUC Rate. (WCY 1990-1993, p. 352) | 20.000 |
| 14 December 1987 | The MUC Rate was slashed 39.4% to I/.33.00 per Greenback, the number of export rates was lowered to two and import rates to four. (WCY 1990-1993, p. 353) | 33.000 |
| 21 December 1987 | Two additional import rates were created, both at discounts from the MUC Rate. (WCY 1990-1993, p. 353) | |
| 31 December 1987 | CD Rate: 62.82; Export Tax Rate: 59.83/57.11. (WCY 1988-1989, p.365) | 33.000 |
| February 1988 | The MUC Rate was devalued 26.6% to I/.45.00 per U.S. Dollar for imports of basic foodstuff, medicines and certain industrial inputs. For the import of nonessentials the rate was I/.90.00 per Greenback and for exports it was I/.63.00 per U.S. Dollar. (WCY 1990-1993, p. 353) | 45.000 |
| 26 April 1988 | A Free Market Rate replaced the CD Rate and the financial system was authorized to buy foreign banknotes, coins and traveler's checks at the new rate. (WCY 1990-1993, p. 353) | |
| June 1988 | The three lowest subsidized import rates were eliminated, the rate for nontraditional exports was changed to I/.117.00 per U.S. Dollar and that for most other exports was put at I/.91.00 per Greenback. (WCY 1990-1993, p. 353) | |
| 21 July 1988 | A Silver Rate was introduced at a premium of 15% over the Free Market Rate for Central Reserve Bank silver purchases from domestic producers. (WCY 1990-1993, p. 353) | |
| 7 September 1988 | The Official Market Rate (MUC) was abolished and all controlled exchange rates were unified at a Controlled Exchange Rate (MUC) of I/.250.00 per U.S. Dollar pegged to the Greenback and determined by the Central Reserve Bank, which governed payment credits from the Fund for Nontraditional Exports (FENT), payments for study abroad and for medical travel overseas, imports of foodstuffs, medicines and raw materials and all dealings by petroleum companies. A Trade Rate was established at which proceeds retained by exporters (30%) could be transacted for import purposes through negotiation between exporters and importers (as of December 31st). Two Export Rates resulted from a tax of 3% on earnings of fish products and 10% on other receipts from shipments abroad. Practically all other transactions were to be directed throuth the Free Market Rate, while a Parallel Market Rate operated through Exchange Houses, which purchased foreign exchange and traveler's checks and sold foreign exchange for tourism abroad and for repurchases by nonresidents. (WCY 1990-1993, p. 353)
The rate listed in the right column since is the Controlled Exchange Rate (MUC). | 250.000 |
| 22 November 1988 | The MUC Rate was devalued 50% to I/.500.00 per U.S. Dollar and was to be adjusted monthly according to the previous month's inflation. (WCY 1990-1993, p. 353) | 500.000 |
| 31 December 1988 | Free Market Rate: 1,750.00; Parallel Rate: 1,640.00; Export Tax Rate: 1,700.68/1,592.36. (WCY 1988-1989, p.365) | |
| 7 January 1989 | The Inti was cut 28.5% to I/.700.00 per Greenback. Also, the taxes of 3% and 10% on exports were unified at 6%. (WCY 1990-1993, p. 353) | 700.000 |
| 1 February 1989 | The Inti was devalued 31% to I/.950.00 per U.S. Dollar and a week later, the 6% tax on exports was abolished. (WCY 1990-1993, p. 353) | 950.000 |
| June 1989 | A series of cuts under an economic reform package took the unit to I/.2,025.00 per Greenback. | 2,025.000 |
| 8 June 1989 | A crawling peg system was introduced and the Inti was subjected to small, daily devaluations. (WCY 1990-1993, p. 353) | |
| 31 December 1989 | Free Market Rate: 12,940; Parallel Rate: 12,000. (WCY 1990-1993, p.357) | 5,261.000 |
| 8 August 1990 | The exchange rate system was unified under an Interbank Rate for the Inti which would be determined by supply and demand in the exchange market and govern all transactions. (WCY 1990-1993, p. 353) | |
| 31 December 1990 | Hyperinflation drove the Inti to depreciate. (WCY 1990-1993, p. 353) | 516,989.000 |
| 1 July 1991 | The Inti was replaced by the New Sol (S/.) at I/.1,000,000.00=S/.1.00, resulting in an initial Interbank Rate of S/0.525 per Greenback. (WCY 1990-1993, p. 353)
The rate listed in the right column since is the Interbank Rate for Sol. | 0.525 |
| 31 December 1991 | | 0.960 |
Annotation of the exchange rate listed in the right column:
Before 7 October 1977: Official Rate (applies to surrender of export proceeds.)
7 October 1977--1 February 1985: Effective Rate.
1 February 1985--7 September 1988: Official Market Rate of Inti.
7 September 1988--8 August 1990: Controlled Exchange Rate (MUC) of Inti.
8 August 1990--1 July 1991: Interbank Rate of Inti.
1 July 1991-- : Interbank Rate of Sol.
