How Far Does a Dollar Go in Peru These Days?
In the last 180 days, the dollar has been gaining in Peru, as this chart shows. Back in September ’08, the dollar was trading at 2.97 Peruvian soles; by March 3, 2009, that rate had spiked to 3.26 soles, leveling at 3.14 by March 17:
- chart courtesy Exchange-Rates.org
Actually, the strengthening of the dollar began before September. In the last 12 months, the sole has depreciated 12.64% against the U.S. dollar, reports the Wall Street Journal.
That trend is encouraging for Peruvians and expats who keep their money in dollars. I know I whined in October that the dollar was tanking, but my complaints were short-sighted.
If I haven’t been paying enough attention to the exchange rate in this blog lately, forgive me. My mind has been on other matters related to the money changers in our neighborhood of San Antonio.
Two weeks ago, one of the money changers I go to on av. Benavides was shot by robbers as he left his shift. The gunman shot him twice in the chest and twice in the leg and left him for dead. El Fotografo’s brother actually heard the shots being fired while he was attending a meeting of organic food growers in a nearby house.
The money changer — known for wearing a bright-red hat while he is on the job– spent several weeks in intensive care. During the first week, his compatriots told me the doctors didn’t think he was going to make it. The other money changers looked very worried then, and the streets around the shooting site were filled with police officers.
After a week the injured money changer came too, and this is where the story gets interesting. He told the police that he suspected the gunman had been hired / was in cahoots with another money changer who works the same corner and had been pressuring him to give up his spot. The dubious money changer had been causing trouble in the neighborhood of La Aurora several months ago, when he tried to muscle in on another group of money changers.
It’s now being investigated by police. I haven’t seen the guy who got shot yet. When I do, I will change money with him, whatever the exchange rate.
Barbara
I am an American writer who lived in Lima for seven years (2007-2014), where I covered Andean traditions, melting glaciers and daily life in the capital for Miami Herald, MSNBC and Huffington Post. I now live and work in northern Florida where I champion climate change advocacy and compassionate, affordable eldercare.
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Rachel in Peru
That’s typical of the police. They show up waaaay after they are needed. I bet they only stuck around for a couple of days.
I had no clue that money changers could be such mafiosos!
Too bad the dollar is going down again. I just hope it doesn’t dip under S/. 3 PEN any time soon.
Stuart
Was this outside the gas station on Rep. Panama/Benavides? Opposite Wong?
Barb
I also hope the dollar won’t dip below S/.3. That really hurt in ’08.
Stuart — the money changer who was shot operates on av. Benavides a few blocks south of that gas station. He is right in front of a Citibank at Av. Araguez. The gas station at Rep. Panama/Benavides is where I get my gossip; the money changers there are friends with the guy who got shot and they fill me in when I see them (which is practically every day, since I’m always going to Wong).
Fiorella C
i hope the dollar goes up, i am going to be there this august and last time i was there it was s/3.15 so just a little more would help..
Ward Welvaert
What a shame about the money exchange guy. That is one business that should be regulated I think, too many opportunities for crime.
On the dollar, I’d say the government looks hell bent on inflating its way out of the economic crisis, so any tangible / durable things I need and I can afford now, I’m buying. If the Chinese ever float the yuan, we’ll be playing monopoly with dollar bills 🙁
Barb
More bad news about the money guy. They had to amputate his leg below the knee. According to his friends, who change money by our house, it would have been possible to save the leg but that effort would have been expensive, and the guy had no insurance, so the doctors took the “easy” way out. It seems incredible, but it’s true.
Now the money changer guy can’t work as a cambista any more because it entails being on his feet all day and chasing around. Everyone is very sad about this.
Ward — yes, there’s talk of the Chinese wanting to have their currency be the standard. A friend of mine, who is consul for a Scandinavian country, tells me that his contacts at the IMF are talking about creating a world currency. That is the rumor. It would happen sometime during our lifetime but not immediately.
Intriguing, no?
matthew
seems surprising for me. I stayed a month near parque de tradiciones and i never feared nothing. However most the times i was out taking a taxi. The second time in lima i stayed in other places, surquillo was probably the one i felt least safe in at 3am. but this kinda surprises me… i thought callao was the place were thugs are…
Barb
Matthew,
Hold-ups and shootings do happen in Lima on a regular basis. It is a city of more than 9 million people and like any big city, it has its share of crime. Miraflores is not immune; because lots of money changes hands there, thieves target tourists and in this case, a money changer.
No, it’s not turning into Callao, though.
paul
I am going to Lima Peru in Sept 2009 and want to know from USA what one dollar is worth in Peru.
I will be there one month and want to be sure I have the money to cover the trip and have a good time .
Barbara
Well, Paul, the exchange rate changes daily in Peru so I can’t begin to tell you how many soles you’ll get for you $ in Sept ’09.
On the average it’s about 3 Peruvian soles to the dollar.
An English language website that displays the daily exchange rate is http://www.livinginperu.com Check that site close to your trip to get a better reading.
Jim Linstrum
Hello Barbara,
I was the person who contacted you a few months back regarding getting things to a child which I am sponsoring down there. I have attempted to contact the Anglican Diocese, however I have not gotten a response. Would you be able to provide me with any better intel than I am getting off my search engines? Read through some of your stories from your recent mountain adventure, pretty cool stuff. Sounds like you and your family are having some great experiences. I am preparing to travel to Ketchikan, AK on the 6th. Really looking forward to the fishing…not so much the rain, but that comes with that part of the world. It was nice checking in on your adventure. Peace.
Jim Linstrum