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Peru Economy

Peru, a former Spanish colony experienced problems in the economic sector during the 1980s. But Peru economy witnessed an extensive growth in 1990s after President Fujimori came into power.

Peru economy thus is shaped and colored to a large extent by the political system of the country.

The economy of Peru is a reflection of the diversified geographical built of the country. Such varied topography provides Peru with plentiful mineral resources found in the mountain regions and fishes in the coastal waters.

But Peru's economy suffers from too much dependence on the country's mineral resources together with the absent of a sound economic infrastructure. These have led to fluctuations in the global prices and have hampered the trade and investment. The face of economy in Peru changed in 2002 to 2006 after a period of low performance. Peru experienced more than 4% economic growth and a stable exchange rate and decrease in inflation.

Despite such high rate economic development underemployment and poverty are still persisting in Peru. Peruvian economy continues to grow based on the export of minerals, textiles and agricultural products.. The new President, Alan Garcia has taken up new economic programs to maintain and increase economic growth in Peru.

Peru Currency
Nuevo Sol is the Peru currency. Peru currency is the medium of monetary transaction in Peru.

Banco central de Reserva del Peru is the issuing authority of Peru currency. One Nuevo Sol, the currency of Peru, equals to 100 centimos.

In your travel to Peru you should always have cash in hand. US Dollars are very easy to exchange in Peru. Peru shops and restaurants accept dollars. You can find ATMs in the main cities of Peru. Casas de cambio which is an exchange bureau offers better exchange rates than Peruvian banks and hotels. You should always avoid street moneychangers in Peru. You should always exchange money in Peruvian banks for getting more security and guarantee.

The services provided by Peru Banks are very satisfactory. Peru Banks includes private banks, central bank, etc.

There are many private banks operating in Peru. Some of the Private Banks in Peru are-
  • Citi bank
  • InterBank
  • Japan Bank for International Cooperation
  • Banco Continental
  • Banco del Trabajo
  • Banco Financiero del Peru
  • The Bank of Nova Scotia
  • Banco Central de Reserva del Peru
  • Banco Standard Chartered
  • JP Morgan Chase Bank
  • Banco Sudamericano
  • Banco de Credito del Peru
  • Banco Wiese Sudameris S.A.
  • ING Bank NV
  • Banco de Comercio
  • Banco de Brasil SA
The Central bank of Peru is the Central Reserve Bank of Peru. This bank of Peru has a branch in Arequipa which was founded in the year 1871. This bank has a good reputation all throughout Peru.

The opening hours of Peruvian banks varies from region to region. In the weekdays Peru Banks remains open from 9am until 5pm. From January to March the banks in Lima remains close in the afternoon at around 1pm.