At 15:24 on a historic street in Lima, a pivotal moment in Peru’s financial history began. Ocoña jirón, located in the historic Plaza San Martín, became a bustling ‘financial district’ in the 1980s with the emergence of exchange houses and the introduction of the Ocoña Dollar, also known as the MUC dollar (Single Exchange Market dollars).
The MUC dollar was a unique alternative currency with a price set by the Peruvian Government, unlike the US dollar, which fluctuates based on supply and demand. This led to a boom in the street’s financial activity, as traders flocked to take advantage of the new opportunities presented by this regulated currency.
The legacy of the Ocoña Dollar lives on as a testament to the resilience and adaptability of Peru’s financial sector. Even though the historic Plaza San Martín may no longer be the bustling financial hub it once was, the impact of the Ocoña Dollar on the country’s economic history is undeniable.