Economy, Currency and Foreign Trade
centimos, Banco Central, international trade organizations, LAIA, South American countries
The unit of currency in Peru is the nuevo sol, divided into 100 centimos (3.49 nuevo sols equal U.S.$1; 2000 average). The nuevo sol replaced the previous currency, the inti, in 1991 (1 nuevo sol equaled 1 million inti). The inti had replaced the sol in 1985 at a rate of 1,000 to 1. The Banco Central de Reserva del Peru (1922) is the central bank and bank of issue. All private domestic banks were nationalized in 1987. The largest of these, Interbanc, was reprivatized in 1994.
Exports are more diversified in Peru than in most South American countries. The principal exports are petroleum, copper, lead, coffee, silver, fish meal, zinc, sugar, and iron ore. The chief export markets are the United States, Japan, the United Kingdom, China, and Germany. Exports earned $7 billion in 2000. The leading imports of Peru include electrical and electronic items, foodstuffs, metals, chemicals, and transportation equipment. The principal sources of these goods are the United States, Colombia, Chile, Venezuela, and the United Kingdom. Imports cost $8.8 billion in 2000. Peru is a member of two international trade organizations, the Latin American Integration Association (LAIA), which replaced the former Latin American Free Trade Association in 1980; and the Andean Group. The LAIA works to integrate the economies of all of Latin South America while the Andean Group does the same for its members, which also include Bolivia, Colombia, Ecuador, and Venezuela.
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