The Peruvian sol is being considered the new dollar for its strength and stability in various international markets, said Melvin Escudero, an economist at the Graduate School of the University of the Pacific.
“It is a comparison that is taking place in the international market. Many economists are using that term because the sun has shown in recent months and years greater stability than any of the other currencies in the region,” Escudero told the Peruvian news agency “Andina.”
“In terms of volatility, our currency registered ranges of ups and downs lower than those reported with respect to other currencies,” he added.
“In the last three years, in addition to the pandemic, there has been the issue of the inflationary resurgence and the rise in interest rates in the region and globally. All this generated significant devaluations in the leading currencies of the region (Chile, Mexico, Colombia, and Brazil), but in the case of the Peruvian currency, the devaluation was the lowest,” he explained.
“Despite the political noise, our country has maintained, from the perspective of investors, a price level,” Escudero said.
The sol is one of the few currencies in the region that, instead of devaluing (losing value), has appreciated (gained value).
