Since January 1, 2001, El Salvador has operated a dual-currency economy, with both the local currency, the
colón
(often called the peso), and the
US dollar
recognized as legal tender for all transactions. The colón, however, is slowly being withdrawn from circulation, and the dollar will become the sole unit of currency from 2003.
The colón is divided into 100 centavos. There are coins of 5c, 10c, 25c and 1 colón, and bank notes of 1, 5, 10, 25, 50, 100 and 200 colones. All US dollar notes and coins are now in free circulation
Exchange and banks
There is a fixed exchange rate of US$1=8.75 colones, and banks do not charge a commission for changing either currency into the other. All goods and services can legally be paid for in either dollars or colones, though in practice some vendors still...
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Converting dollars and colones
The following shows conversion rates between colones and dollars based on the fixed exchange rate of US$1=8.75 colones
US$
Colones
...
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Costs
Day-to-day living is, for foreigners at least, very cheap in El Salvador. A cup of coffee will cost US$0.25-60, while a soft drink will be US$0.50 and fresh juice US$1. Cigarettes are around US$1.40 a packet, while a meal in an ordinary café will set you...
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