The inti was the currency of Peru between 1985 and 1991. It was introduced on 1 February 1985, replacing the sol which had suffered from high inflation. One inti was equivalent to 1,000 soles. Coins denominated in the new unit were put into circulation from May 1985 and banknotes followed in June of that year.
By 1990, the inti had itself suffered from high inflation. As an interim measure, from January to July 1991, the “inti en millones” was used as a unit of account. One inti en millones was equal to 1,000,000 intis and hence to one new sol. The nuevo sol (“new sol”) was adopted on 1 July 1991. Inti notes and coins are no longer legal tender in Peru, nor can they be exchanged for notes and coins denominated in the current nuevo sol.
The Nuevo Sol
The name is a return to that of Peru’s historic currency, the Sol in use from the 19th century to 1985. Although the derivation of Sol is the Latin solidus, the word also happens to mean sun in Spanish. There is a continuity therefore with the old Peruvian inti, which was named after Inti, the Sun God of the Incas.
Because of the bad state of economy and hyperinflation in the late 1980s the government was forced to abandon theinti and introduce the nuevo sol as the country’s new currency. The currency was put into use on July 1, 1991 to replace the inti at a rate of 1 nuevo sol to 1,000,000 intis. Coins denominated in the new unit were introduced on October 1, 1991 and the first banknotes on November 13, 1991. Hitherto the Nuevo Sol currently retains a low inflation rate of 1.5%, the lowest inflation rate ever in both Latin and South America. Since the new currency was put into effect, it has managed to maintain a stable exchange rate between 2.3 and 3.65 per United States dollar.