Countries › Peru › Guide › 5. FX and capital controls › Peru's FX market and exchange rate: a free market sol, the SBS published rates and how the central bank fits in
Peru's FX market and exchange rate: a free market sol, the SBS published rates and how the central bank fits in
Argentina. For full detail on Argentina, go to The Argentine Thread.
Last verified: 2026-10-28 · Status: Stable
Peru has a single, market determined exchange rate: anyone may buy or sell dollars with any bank, exchange house or other person at whatever rate they agree, and there is no official or parallel rate. The rate most used as a reference in contracts, tax rules and statistics is the banking system rate published daily by the SBS and carried in the Banco Central de Reserva del Perú statistics. In 2026 that selling rate moved between S/ 3.345 and S/ 3.529 per dollar and stood at S/ 3.446 on 26 October, while the central bank held about US$92 billion of net international reserves at the end of September.
USD figures use S/ 3.446 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 26 October 2026 as shown in the Banco Central de Reserva del Perú statistics series PD04640PD. Amounts that the law sets in US dollars or soles are quoted as written. Conversions are for orientation only.
Key facts
| Exchange rate regime | Single market determined rate; free holding and disposal of foreign currency; no official rate textConstitution art. 64 and 84, as of 2026-10-28 · in force |
|---|---|
| SBS banking system selling rate, soles per US dollar, 26 October 2026 | 3.446 PENBCRP series PD04640PD, as of 2026-10-28 · in force |
| SBS banking system buying rate, soles per US dollar, 26 October 2026 | 3.436 PENBCRP series PD04639PD, as of 2026-10-28 · in force |
| SBS banking system selling rate, 31 December 2025 | 3.368 PENBCRP series PD04640PD, as of 2026-10-28 · in force |
| Lowest SBS selling rate in 2026 to 27 October (28 January 2026) | 3.345 PENBCRP series PD04640PD, as of 2026-10-28 · in force |
| Highest SBS selling rate in 2026 to 27 October (29 April 2026) | 3.529 PENBCRP series PD04640PD, as of 2026-10-28 · in force |
| Net international reserves of the BCRP, end of September 2026 | 92180 USD millionBCRP series PN00027MM, as of 2026-10-28 · in force |
The rule
1. The State guarantees the free holding and disposal of foreign currency. The law sets the monetary system; issuing notes and coins is an exclusive power of the State, exercised through the Banco Central de Reserva del Perú. The central bank is an autonomous public law entity whose purpose is to preserve monetary stability; its functions are to regulate money and credit in the financial system and to manage the international reserves in its charge. It may not finance the Treasury, except by buying Treasury securities in the secondary market within the limit set by its organic law, and it may enter into credit operations to cover temporary imbalances in the international reserve position.
Cost to do it: No permit or fee to buy, sell or hold foreign currency; the cost is the dealer's spread.
Example: A company may keep S/ 3,446,000 or its dollar equivalent in either currency, onshore or abroad, and switch between them whenever it wants. / US$1,000,000 can be bought or sold at any bank at a negotiated rate, with no quota and no registration.Constitución Política del Perú de 1993, Art. 64, art. 83, art. 84 and art. 85, 1993-12-30 official text · verified 2026-10-28
Cost to do it: No permit or fee to buy, sell or hold foreign currency; the cost is the dealer's spread.
Example: A company may keep S/ 3,446,000 or its dollar equivalent in either currency, onshore or abroad, and switch between them whenever it wants. / US$1,000,000 can be bought or sold at any bank at a negotiated rate, with no quota and no registration.Constitución Política del Perú de 1993, Art. 64, art. 83, art. 84 and art. 85, 1993-12-30 official text · verified 2026-10-28
2. Whenever foreign currency must be converted into soles, investors may sell it to any individual or company at the most favorable buying rate they find in the exchange market at that moment; when converting soles into foreign currency they may buy from any individual or company at the most favorable selling rate. The State may not impose any exchange measure that limits this right or treats the investor less favorably than anyone else carrying out an exchange operation.
Cost to do it: No cost beyond the spread; shopping between banks and exchange houses is lawful.
Example: Selling US$1,000,000 at S/ 3.436 (the SBS banking buying rate for 26 October 2026) yields S/ 3,436,000; buying it back at S/ 3.446 costs S/ 3,446,000, a S/ 10,000 round trip spread at average bank rates. / The average banking spread on 26 October 2026 was one cent of a sol per dollar, about 0.3 percent.Decreto Legislativo Nº 662 (published 2 September 1991) art. 9; Decreto Supremo Nº 162-92-EF (dated 9 October 1992) art. 13, DL 662 art. 9; DS 162-92-EF art. 13, 1992-10-09 official text · verified 2026-10-28
Cost to do it: No cost beyond the spread; shopping between banks and exchange houses is lawful.
Example: Selling US$1,000,000 at S/ 3.436 (the SBS banking buying rate for 26 October 2026) yields S/ 3,436,000; buying it back at S/ 3.446 costs S/ 3,446,000, a S/ 10,000 round trip spread at average bank rates. / The average banking spread on 26 October 2026 was one cent of a sol per dollar, about 0.3 percent.Decreto Legislativo Nº 662 (published 2 September 1991) art. 9; Decreto Supremo Nº 162-92-EF (dated 9 October 1992) art. 13, DL 662 art. 9; DS 162-92-EF art. 13, 1992-10-09 official text · verified 2026-10-28
3. Where the law needs a reference rate it points to the SBS published rate. For the mandatory use of payment means, obligations agreed in currencies other than soles or US dollars are converted into soles at the weighted average selling rate published by the SBS on the day the obligation arises (or the last one published). For income tax, foreign currency operations are recorded at the exchange rate in force on the date of the operation and exchange differences are computed using the market rate that corresponds.
Cost to do it: No cost; the SBS rates are free to consult through the BCRP statistics site.
Example: A EUR invoice of a Peruvian company is converted to soles at the SBS weighted average selling rate of the day it arises to see whether it exceeds the S/ 2,000 bank payment threshold. / A US$500 invoice is tested directly in dollars against the US$500 threshold, with no conversion.Texto Único Ordenado de la Ley Nº 28194 (Decreto Supremo Nº 150-2007-EF), art. 4 third paragraph as amended by Decreto Legislativo Nº 1535 (published 19 March 2022); Texto Único Ordenado de la Ley del Impuesto a la Renta art. 61, TUO Ley 28194 art. 4; LIR art. 61 a) and last paragraph, 2022-03-19 official text · verified 2026-10-28
Cost to do it: No cost; the SBS rates are free to consult through the BCRP statistics site.
Example: A EUR invoice of a Peruvian company is converted to soles at the SBS weighted average selling rate of the day it arises to see whether it exceeds the S/ 2,000 bank payment threshold. / A US$500 invoice is tested directly in dollars against the US$500 threshold, with no conversion.Texto Único Ordenado de la Ley Nº 28194 (Decreto Supremo Nº 150-2007-EF), art. 4 third paragraph as amended by Decreto Legislativo Nº 1535 (published 19 March 2022); Texto Único Ordenado de la Ley del Impuesto a la Renta art. 61, TUO Ley 28194 art. 4; LIR art. 61 a) and last paragraph, 2022-03-19 official text · verified 2026-10-28
| Date | Selling | Buying | Note |
|---|---|---|---|
| 31 Dec 2025 | 3.368 | 3.358 | Year start reference |
| 28 Jan 2026 | 3.345 | 3.340 | 2026 low (selling) |
| 29 Apr 2026 | 3.529 | 3.523 | 2026 high (selling) |
| 26 Oct 2026 | 3.446 | 3.436 | Rate used across this guide |
| 27 Oct 2026 | 3.452 | 3.446 | Latest published at verification |
SBS banking system exchange rates in 2026, soles per US dollar, from BCRP series PD04640PD (selling) and PD04639PD (buying).
| Month | Net international reserves |
|---|---|
| June 2026 | 95,553 |
| July 2026 | 97,034 |
| August 2026 | 96,518 |
| September 2026 | 92,180 |
BCRP net international reserves, US$ million, end of month (series PN00027MM).
Worked example
- Between 31 December 2025 (S/ 3.368) and 26 October 2026 (S/ 3.446), the sol weakened about 2.3 percent against the dollar. A Peruvian subsidiary that kept S/ 3,368,000 in soles all year would have dropped from US$1,000,000 to about US$977,365 in dollar terms; one holding dollars onshore would have kept US$1,000,000. Both choices are lawful, and companies routinely hold both currencies.
- Argentina and Peru: an importer in Peru paying an Argentine exporter simply buys dollars from its bank and wires them; how and when the Argentine exporter must bring those dollars into Argentina's FX market is an Argentine rule, covered in The Argentine Thread guide.
Step by step
- Open accounts in soles and US dollars at a Peruvian bank; quote bank, exchange house and treasury desk rates for large conversions.
- Use the SBS rate published by the BCRP as the reference rate in contracts, and state which one (buying or selling, date) to avoid disputes.
- Record foreign currency transactions at the rate of the operation date for tax and book exchange differences at the market rate under LIR art. 61.
- Check the daily SBS rates and BCRP reserve data on the BCRP statistics site, which this guide links.
Common traps
- The SBS published rate is a reference average, not a price anyone must deal at; banks quote their own rates and spreads.
- Contracts that just say 'exchange rate' invite disputes; under the Civil Code a foreign currency debt payable in soles uses the selling rate of the day and place of maturity unless the parties agree otherwise.
- Exchange differences on assets and liabilities in foreign currency are taxable or deductible in the year the rate moves, not when cash is converted.
Sources
- Constitución Política del Perú de 1993, updated text (Congress)
- Decreto Legislativo Nº 662 (MEF)
- Decreto Supremo Nº 162-92-EF, regulation of the investment guarantee regimes (MEF)
- TUO Ley Nº 28194, bancarization and ITF, updated text (SUNAT)
- Ley del Impuesto a la Renta, chapter IX, art. 61 (SUNAT)
- BCRP statistics, SBS banking system selling rate series PD04640PD
- BCRP statistics, SBS banking system buying rate series PD04639PD
- BCRP statistics, net international reserves series PN00027MM
Related pages
- fx/fx-and-capital-controls
- fx/foreign-currency-contracts-accounting-and-tax
- macro/economy-at-a-glance
- finance/capital-markets-banking-and-credit
- /country/peru/
- /calendar/
- Live dashboard
- https://theargentinethread.com/guide/
Related: Peru country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide
Get rule changes weekly
Free. One email a week from The LatAm Thread.
One more step after you press the button: we take you to Substack, where your email is already filled in. Confirm there to start. No spam, unsubscribe anytime, we never share your address. By subscribing you agree to the privacy policy.