Currency of Venezuela
Venezuelan bolivar
bolivar digital venezolano
(
Spanish
)
|
---|
1 bolivar coin
|
|
Code
| VED (numeric:
926
)
VES (numeric:
928
)
ISO 4217 Standard
definition:
|
---|
Subunit
| 0.01
|
---|
|
Unit
| bolivar
|
---|
Plural
| bolivares
|
---|
Symbol
| Bs.
[1]
or Bs.D
|
---|
Nickname
| bolo(s), luca(s), real(es)
|
---|
|
Subunit
| |
---|
1
⁄
100
| centimo
|
---|
Banknotes
| VED series:
Bs. 5, Bs. 10, Bs. 20, Bs. 50, Bs. 100
|
---|
Coins
| 25, 50 centimos, Bs. 1
|
---|
|
User(s)
|
Venezuela
|
---|
|
Central bank
| Banco Central de Venezuela
|
---|
Website
| www
.bcv
.org
.ve
|
---|
|
Inflation
| 114.10% (2022)
[2]
[3]
[4]
|
---|
Value
| Official rate
US$1 = Bs.D 35,7247
(December 15, 2023)
[1]
Parallel rate
US$1 = Bs.D 37.49
(December 15, 2023)
[5]
|
---|
The
bolivar
[bo?liβa?]
is the official
currency of
Venezuela
. Named after the hero of South American independence
Simon Bolivar
, it was introduced following the monetary reform in 1879, before which the
venezolano
was circulating. Due to its decades-long reliance on
silver
and
gold standards
, and then on a
peg
to the
United States dollar
, it was considered among the most stable currencies and was internationally accepted until 1964, when the government decided to adopt a
floating exchange rate
instead.
Since 1983, the currency has experienced a prolonged period of high inflation, losing value almost 500-fold against the US dollar in the process. The depreciation became manageable in the mid-2000s, but it still stayed in double digits.
[6]
It was then, on 1 January 2008, that the
hard bolivar
(
bolivar fuerte
in Spanish,
sign
:
Bs.F
,
code
:
VEF
) replaced the original
bolivar
(
sign
:
Bs
;
code
:
VEB
) at a rate of Bs.F 1 to Bs. 1,000
[1]
[7]
(the abbreviation Bs. is due to the first and the final letters of the plural form of the currency's name,
bolivares
).
The value of the hard bolivar, pegged to the US dollar, did not stay stable for long despite attempts to institute
capital controls
. Venezuela entered another period of abnormally high inflation in 2012, which the country has not exited as of April 2023
[update]
. The central bank stuck to the pegged subsidised exchange rate until January 2018, which was overpriced so people began using parallel exchange rates despite a ban on publishing them. From 2016 to 2019 and again in 2020, the currency experienced
hyperinflation
for a total period of 38 months.
[8]
The rampant inflation prompted two redenominations. The first occurred in August 2018, when Bs.F 100,000 were exchanged for 1
sovereign bolivar
(
bolivar soberano
in Spanish,
sign
:
Bs.S
,
code
:
VES
),
[9]
and another one happened on 1 October 2021, but called "Nueva expresion monetaria" or new monetary expression, which removes 6 zeros from the currency without affecting its denomination but did introduce a new ISO code
VED
[10]
[a]
at a rate of Bs.S 1,000,000 = Bs.D 1,
[11]
thus making Bs.D 1 worth Bs. 100,000,000,000,000 (10
14
, or Bs. 100 trillion in
short scale
).
Both currencies are in circulation,
[12]
though the economy has undergone extensive
currency substitution
, so the majority of transactions happen in US dollars, or, to a lesser extent, the
Colombian peso
.
[8]
[11]
[13]
History
[
edit
]
Bolivar
[
edit
]
Bolivar
Preceded by:
Venezolano
Reason:
unification of circulating currencies
Ratio:
1
⁄
5
venezolano = 1 bolivar
|
Currency of Venezuela
31 March 1879 – 31 December 2007
|
Succeeded by:
Hard bolivar
Reason:
inflation
Ratio:
1000 bolivares = 1 hard bolivar
|
Venezuelan bolivar
bolivar
(
Spanish
)
|
---|
|
Code
| VEB
|
---|
|
Plural
| bolivares
|
---|
Symbol
| Bs
|
---|
|
Subunit
| |
---|
1
⁄
100
| centimo
|
---|
Plural
| |
---|
centimo
| centimos
|
---|
Banknotes
| Bs. 1,000, Bs. 2,000, Bs. 5,000, Bs. 10,000, Bs. 20,000, Bs. 50,000
|
---|
Coins
| Bs. 10, Bs. 20, Bs. 50, Bs. 100, Bs. 500, Bs. 1,000
|
---|
|
User(s)
|
Venezuela
|
---|
|
Central bank
| Banco Central de Venezuela
|
---|
Website
| www
.bcv
.org
.ve
|
---|
This infobox shows the latest status before this currency was rendered obsolete.
|
The bolivar is named after the hero of South American independence
Simon Bolivar
. The bolivar was adopted by the monetary law of 1879, replacing the short-lived
venezolano
at a rate of five bolivares to one venezolano. Initially, the bolivar was defined on the
silver standard
, equal to 4.5 g fine silver, following the principles of the
Latin Monetary Union
. The monetary law of 1887 made the gold bolivar unlimited
legal tender
, and the
gold standard
came into full operation in 1910. Venezuela went off gold in 1930, and in 1934, the bolivar exchange rate was fixed in terms of the
US dollar
at a rate of Bs. 3.914 = US$1, revalued to Bs. 3.18 = 1 US dollar in 1937, a rate which lasted until 1941. Until 18 February 1983 (now called
Viernes Negro
[
es
]
, Spanish for Black Friday, by many
Venezuelans
),
[14]
the bolivar had been the region's most stable and internationally accepted currency. It then fell prey to high
devaluation
.
Exchange controls
were imposed on February 5, 2003, to limit
capital flight
.
[15]
The rate was pegged to the US dollar at a
fixed exchange rate
of Bs. 1,600 to the dollar.
Hard bolivar
[
edit
]
Hard bolivar
Preceded by:
Bolivar
Reason:
inflation
Ratio:
1000 bolivares = 1 hard bolivar
|
Currency of Venezuela
1 January 2008 – 20 August 2018
|
Succeeded by:
Sovereign bolivar
Reason:
hyperinflation
Ratio:
100,000 hard bolivares = 1 sovereign bolivar
|
Venezuelan hard bolivar
[16]
bolivar fuerte
(
Spanish
)
|
---|
|
Code
| VEF
|
---|
|
Plural
| bolivares fuertes
|
---|
Symbol
| Bs.F or Bs.
|
---|
Nickname
| bolo(s), luca(s), real(es)
|
---|
|
Subunit
| |
---|
1
⁄
100
| centimo
|
---|
Banknotes
| |
---|
Freq. used
| Bs.F 1,000, Bs.F 2,000, Bs.F 5,000, Bs.F 10,000, Bs.F 20,000, Bs.F 100,000
[1]
|
---|
Rarely used
| Bs.F 2, Bs.F 5, Bs.F 10, Bs.F 20, Bs.F 50, Bs.F 100, Bs.F 500
|
---|
Coins
| |
---|
Rarely used
| Bs.F 1, Bs.F 10, Bs.F 50, and Bs.F 100
[1]
|
---|
|
User(s)
|
Venezuela
|
---|
|
Central bank
| Banco Central de Venezuela
|
---|
Website
| www
.bcv
.org
.ve
|
---|
|
Inflation
| 80,000% (2018 est.)
[17]
|
---|
Pegged with
| US$
1 = BsF. 248,832 (Dicom auction)
[1]
(see
this section
for parallel market rate)
[18]
|
---|
This infobox shows the latest status before this currency was rendered obsolete.
Coins and low-value banknotes were rendered obsolete by hyperinflation.
|
The government announced on 7 March 2007 that the bolivar would be redenominated at a ratio of 1,000 to 1 on 1 January 2008 and renamed the
bolivar fuerte
, or
hard bolivar
in an effort to facilitate the ease of transaction and accounting.
[19]
The newer name literally means "hard bolivar", as in
hard currency
, and in reference to an old coin called the
peso fuerte
worth 10
Spanish reales
.
[20]
The alternate meaning of "strong" was also used by the government in promotional material
[21]
[22]
The official exchange rate is restricted to individuals by
CADIVI
, which imposes an annual limit on the amount available for travel.
Since the government of
Hugo Chavez
established strict currency controls in 2003, there have been a series of five currency
devaluations
, disrupting the economy.
[23]
On 8 January 2010, the value was changed by the government from the fixed exchange rate of Bs.F 2.15 to Bs.F 2.60 for some imports (certain foods and healthcare goods) and Bs.F 4.30 for other imports like cars, petrochemicals, and electronics.
[24]
On 4 January 2011, the fixed exchange rate became Bs.F 4.30 for US$1.00 for both sides of the economy. On 13 February 2013 the hard bolivar was devalued to Bs.F 6.30 per US$1 in an attempt to counter budget deficits.
[25]
On 18 February 2016, President Maduro used his newly granted economic powers to devalue the official exchange rate of the hard bolivar from Bs.F 6.30 per US$1 to Bs.F 10 per US$1, which is a 37%
depreciation
against the US dollar.
[26]
The hard bolivar entered
hyperinflation
in November 2016.
[27]
On January 26, 2018, the government retired the protected and subsidized Bs.F 10 per US$1 exchange rate that was highly overvalued as a result of rampant inflation.
[28]
On February 5, 2018, the
Central Bank of Venezuela
announced a 99.6% [
sic
]
devaluation
, with the exchange rate going to Bs.F 25,000 per US$. This made the hard bolivar the second-least-valued circulating currency in the world based on the official exchange rate, behind only the
Iranian rial
, and between September 2017 and August 2018, according to the informal exchange rate, the hard bolivar was the least-valued circulating currency unit in the world.
[29]
[
dubious
–
discuss
]
The official exchange rate stood at Bs.F 248,832 to US$1 as of August 10, 2018, making it the least-valued circulating currency in the world based on official exchange rates.
[30]
In June 2018, the government authorized a new exchange rate for buying, but not selling, currency. On August 13, 2018, the rate was Bs.F 4,010,000 to US$1, according to ZOOM Remesas.
[31]
Sovereign bolivar
[
edit
]
Sovereign bolivar
Preceded by:
Hard bolivar
Reason:
hyperinflation
Ratio:
100,000 hard bolivares = 1 sovereign bolivar
|
Currency of Venezuela
20 August 2018 –
|
Venezuelan bolivar
bolivar venezolano
(
Spanish
)
|
---|
|
Code
| VES (numeric:
928
)
|
---|
Subunit
| 0.01
|
---|
|
Plural
| bolivares
|
---|
Symbol
| Bs. or Bs.S
|
---|
Nickname
| bolo(s), luca(s), real(es)
|
---|
|
Subunit
| |
---|
1
⁄
100
| centimo
|
---|
Banknotes
| VES series:
Bs.S 10,000, Bs.S 20,000, Bs.S 50,000, Bs.S 200,000, Bs.S 500,000, Bs.S 1,000,000
|
---|
|
User(s)
|
Venezuela
|
---|
|
Central bank
| Banco Central de Venezuela
|
---|
Website
| www
.bcv
.org
.ve
|
---|
|
Inflation
| 4,355-5,713% (2020)
[32]
[33]
[34]
|
---|
On 22 March 2018, President Nicolas Maduro announced a new monetary reform program, with a planned
revaluation
of the currency at a ratio of 1,000 to 1.
[35]
The change was to be made effective from 4 June 2018.
[36]
[37]
In May 2018, the government required prices to be expressed in both hard bolivares and sovereign bolivares at the then-planned rate of 1,000 to 1. For example, one kilogram of pasta was shown with a price of Bs.F 695,000 and Bs.S 695. Prices expressed in the new currency were rounded to the nearest 50 centimos as that was expected to be the lowest denomination in circulation at launch. The rounding created difficulties because some items and sales qualities were priced at significantly less than Bs.S 0.50; for example a litre of gasoline and a Caracas Metro ticket typically cost Bs.S 0.06 and Bs.S 0.04, respectively.
[38]
The change in currency was originally scheduled for June 4, 2018. The President delayed the planned June launch date of the sovereign bolivar, citing from Aristides Maza, "the period established to carry out the conversion is not enough".
[39]
The revaluation was rescheduled to 20 August 2018, and the rate changed to 100,000 to 1, with prices being required to be expressed at the new rate starting 1 August 2018.
[40]
On 20 August 2018, the Maduro government launched the new sovereign bolivar currency,
[41]
with Bs.S 1 worth Bs.F 100,000. New coins in denominations of 50 centimos and Bs.S 1, and new banknotes in denominations of Bs.S 2, Bs.S 5, Bs.S 10, Bs.S 20, Bs.S 50, Bs.S 100, Bs.S 200 and Bs.S 500 were introduced.
[42]
Under the country's official
fixed exchange rate
to the US dollar the new currency was
devalued
by roughly 95% compared to the old hard bolivar.
[43]
The day was declared a bank holiday to allow the banks to adjust to the new currency.
[44]
Initially, during a transition period the sovereign bolivar was to be run alongside the hard bolivar.
[45]
However, from the start of the transition, on 20 August, hard bolivar notes of Bs.F 500 and less could not be used; only deposited at banks.
[46]
Concurrently with the release of the new currency, the minimum wage was raised to Bs.S 1,800 per month,
[47]
a 33-fold increase,
[48]
and sales tax increased from 12% to 16%.
[48]
Additionally, the sovereign bolivar is supposed to have a fixed exchange rate to the
petro cryptocurrency
, with a rate of Bs.S 3,600 to one petro;
[49]
[50]
a peg of petro and sovereign bolivar was announced by Maduro as early as August 2018.
[51]
[52]
The petro is supposedly tied to the price of a barrel of oil (about US$60 in August 2018).
[49]
[50]
As of the end of August 2018, there is no evidence that the cryptocurrency is being traded.
[53]
Petro is regarded by many as a scam.
[54]
[53]
[55]
Following the introduction of the sovereign bolivar, inflation increased from 61,463% on 21 August 2018 to 65,320% on 22 August 2018.
[54]
By 24 August 2018, the introduction of the sovereign bolivar had not prevented hyperinflation.
[56]
According to inflation analyst
Steve Hanke
, between 18 August and 21 August 2018, the inflation rate increased from 48,760% to 65,320%.
[27]
[54]
In October 2021, the country removed six zeroes from its currency while adapting a newer version of the bolivar currency system under a project known as
"Digital bolivar"
.
[57]
[58]
Digital bolivar
[
edit
]
A new bolivar, the digital bolivar, was introduced on 1 October 2021 at a rate of Bs.S 1,000,000 to Bs.D 1. This is not a replacement of the sovereign bolivar, since sovereign bolivar banknotes continued to be accepted at the established ratio of 1 million sovereign bolivars to 1 digital bolivar.
[59]
The currency has the ISO 4217 currency code "VED".
Currency black market
[
edit
]
The black (or parallel) market value of the
hard bolivar
and the
sovereign bolivar
has been significantly lower than the
fixed exchange rate
and other rates set by the Venezuelan government (SICAD, SIMADI, DICOM). In November 2013, it was almost one-tenth that of the official fixed exchange rate of Bs.F 6.30 per
US dollar
.
[60]
In September 2014, the currency black market rate for the hard bolivar reached 100 VEF/USD;
[61]
on 25 February 2015, it went over 200 VEF/USD.
[62]
on 7 May 2015, it was over 275 VEF/USD and on 22 September 2015, it was over 730 VEF/USD.
[63]
Venezuela still had the highest inflation rate in the world in July 2015.
[64]
By 3 February 2016, this rate reached 1,000 VEF/USD. This rate surpassed 4,300 VEF/USD on 10 December 2016. It surpassed 10,000 VEF/USD on 28 July 2017, and on 7 September 2017, the rate surpassed 20,000 VEF/USD for the first time. Inflation accelerated, and on 1 December 2017, it reached 100,000 VEF/USD for the first time ever. The rate surpassed 200,000 VEF/USD on 18 January 2018, then 500,000 VEF/USD on 16 April, 1 million VEF/USD on 30 May, 2 million VEF/USD on 7 June, and 5 million VEF/USD on 16 August.
[5]
At the time of redenomination on 20 August 2018, the exchange rate was 59.21 VES/USD. By the end of the month it reached 87 VES/USD. The rate then surpassed 100 VES/USD on 3 October 2018, 1,000 VES/USD on 9 January 2019, 10,000 VES/USD on 19 July, 100,000 VES/USD on 6 April 2020, and reached the 1,000,000 VES/USD on 23 November 2020. According to
DolarToday
, the parallel exchange rate was 4,146,022 VES/USD as of 30 August 2021.
[5]
Exchange rate history
[
edit
]
It is illegal to publish the "
parallel exchange rate
" in Venezuela.
[65]
One popular website that has been publishing parallel exchange rates since 2010 is
DolarToday
, which has also been critical of the Maduro government.
[66]
This table shows a condensed history of the parallel foreign exchange rate of the Venezuelan bolivar (hard and sovereign) to one
United States dollar
between 2012 and 2021, according to
DolarToday
.
[67]
Hard bolivar (Bs.F)
Bs.F 1 = Bs. 1,000
|
Sovereign bolivar (Bs.S)
Bs.S 1 = Bs.F 100,000
|
Month
|
Exchange rate
|
August 2012
|
10
|
February 2013
|
20
|
June 2013
|
30
|
September 2013
|
40
|
October 2013
|
50
|
November 2013
|
60
|
January 2014
|
70
|
February 2014
|
80
|
August 2014
|
90
|
September 2014
|
100
|
February 2015
|
200
|
May 2015
|
300?400
|
July 2015
|
500?600
|
September 2015
|
700?800
|
December 2015
|
900
|
February 2016
|
1,000
|
October 2016
|
1,500
|
November 2016
|
2,000?4,000
|
|
Month
|
Exchange rate
|
May 2017
|
5,000?6,000
|
June 2017
|
7,000?8,000
|
July 2017
|
8,000?11,000
|
August 2017
|
11,000?18,000
|
September 2017
|
18,000?29,000
|
October 2017
|
29,000?41,000
|
November 2017
|
41,000?97,000
|
December 2017
|
103,000?111,000
|
January 2018
|
111,000?236,000
|
February 2018
|
214,000?228,000
|
March 2018
|
213,000?236,000
|
April 2018
|
236,000?621,000
|
May 2018
|
621,000?1.3 million
|
June 2018
|
1.4?3.4 million
|
July 2018
|
3.4?3.6 million
|
August 2018
|
3.6?5.9 million
|
|
Month
|
Exchange rate
|
August 2018
|
59?87
|
September 2018
|
87?98
|
October 2018
|
99?240
|
November 2018
|
240?410
|
December 2018
|
410?730
|
January 2019
|
730?3,200
|
February 2019
|
2,400?3,700
|
March 2019
|
3,400?3,700
|
April 2019
|
3,700?6,100
|
May 2019
|
5,600?6,300
|
June 2019
|
6,300?7,900
|
July 2019
|
7,800?13,000
|
August 2019
|
13,000?26,000
|
September 2019
|
20,000?26,000
|
October 2019
|
19,000?26,000
|
November 2019
|
21,000?42,000
|
December 2019
|
40,000?55,000
|
|
Month
|
Exchange rate
|
January 2020
|
57,300?83,300
|
February 2020
|
74,800?77,100
|
March 2020
|
71,800?87,400
|
April 2020
|
89,200?200,000
|
May 2020
|
176,000?206,000
|
June
|
195,000?214,000
|
July 2020
|
205,000?268,000
|
August 2020
|
266,000?345,000
|
September 2020
|
346,000?452,000
|
October 2020
|
449,000?542,000
|
November 2020
|
524,000?950,000
|
December 2020
|
940,000?1.2 million
|
January 2021
|
1.0?1.8 million
|
February 2021
|
1.7?1.9 million
|
March 2021
|
1.8?2.1 million
|
April 2021
|
2.2?2.9 million
|
May 2021
|
2.8?3.2 million
|
June 2021
|
3.1?3.3 million
|
July 2021
|
3.3?4.1 million
|
August 2021
|
4.1?4.2 million
|
|
|
Coins
[
edit
]
Bolivar
[
edit
]
In 1879, silver coins were introduced in denominations of Bs.
1
⁄
5
, Bs.
1
⁄
2
, Bs. 1, Bs. 2, and Bs. 5, together with gold Bs. 20. Gold Bs. 100 were also issued between 1886 and 1889. In 1894, silver Bs.
1
⁄
4
coins were introduced, followed by cupro-nickel 5 and
12
+
1
⁄
2
centimos in 1896.
In 1912, production of gold coins ceased, whilst production of the Bs.5 ended in 1936. In 1965, nickel replaced silver in the 25 and 50 centimos, with the same happening to the 1 and 2 bolivares in 1967. In 1971, cupro-nickel 10 centimo coins were issued, the
12
+
1
⁄
2
centimos having last been issued in 1958. A nickel Bs. 5 was introduced in 1973. Clad steel (first copper, then nickel and cupro-nickel) was used for the 5 centimos from 1974. Nickel clad steel was introduced for all denominations from 25 centimos up to 5 bolivares in 1989.
In 1998, after a period of high inflation, a new coinage was introduced in denominations of Bs. 10, Bs. 20, Bs. 50, Bs. 100 and Bs. 500.
The former coins were:
denomination:
|
Diameter:
|
Obverse and reverse:
|
bs.10
|
17 mm
|
|
bs.20
|
20 mm
|
|
bs.50
|
23 mm
|
|
bs.100
|
25 mm
|
|
bs.500
|
28,5 mm
|
|
bs.1000
|
24 mm
|
|
All the coins had the same design. On the obverse the left profile of the
Libertador
Simon Bolivar
is depicted, along with the inscription "
Bolivar Libertador
" within a
heptagon
, symbolizing the seven stars of
the flag
. On the reverse
the coat of arms
is depicted, circled by the official name of the country, with the date and the denomination below. In 2001, the reverse design was changed, putting the denomination of the coin at the right of the shield of the coat of arms, surrounded in a semicircle by the official name of the country and the year of its issue below.
Hard bolivar
[
edit
]
Coins of the hard bolivar were in denominations of 1, 5, 10,
12
+
1
⁄
2
, 25, 50 centimos, and Bs.F 1. They were quickly rendered obsolete by high inflation. It may be noticed that there was a
12
+
1
⁄
2
-centimo coin and a 1-centimo coin, but no
1
⁄
2
-centimo coin. Therefore, giving correct change for a purchase of, say,
4
+
1
⁄
2
centimos would require using a
12
+
1
⁄
2
-centimo coin and getting 8 centimos back.
2008 Series
|
Denomination
|
Shape
|
Composition
|
Weight
|
Diameter
|
Edge
|
Obverse
|
Reverse
|
Obverse image
|
Reverse image
|
1 centimo
|
Round
|
Copper-plated steel
|
1.36 g
|
15 mm
|
Reeded
|
Denomination of the coin, the eight stars and waves representing the patterns of
the national flag
|
Coat of arms of Venezuela
and the name of the country of emission
|
|
|
5 centimos
|
Round
|
Copper-plated steel
|
2.03 g
|
17 mm
|
Plain
|
Denomination of the coin, the eight stars and waves representing the patterns of
the national flag
|
Coat of arms of Venezuela
and the name of the country of emission
|
|
|
10 centimos
|
Round
|
Nickel-plated steel
|
2.62 g
|
18 mm
|
Reeded
|
Denomination of the coin, the eight stars and waves representing the patterns of
the national flag
|
Coat of arms of Venezuela
and the name of the country of emission
|
|
|
12
+
1
⁄
2
centimos
|
Round
|
Nickel-plated steel
|
3.93 g
|
23 mm
|
Plain
|
Denomination of the coin, the eight stars of
the national flag
and two palm branches
|
Coat of arms of Venezuela
and the name of the country of emission
|
|
|
25 centimos
|
Round
|
Nickel-plated steel
|
3.86 g
|
20 mm
|
Plain
|
Denomination of the coin, the eight stars and waves representing the patterns of
the national flag
|
Coat of arms of Venezuela
and the name of the country of emission
|
|
|
50 centimos
|
Round
|
Nickel-plated steel
|
4.3 g
|
22 mm
|
Segmented (Plain and Reeded edges)
|
Denomination of the coin, the eight stars and waves representing the patterns of
the national flag
|
Coat of arms of Venezuela
and the name of the country of emission
|
|
|
Bs.F 1
[
es
]
|
Round
|
Copper-Nickel center, Brass ring
|
8.04 g
|
24 mm
|
Smooth 'BCV1'
|
Effigy of the Liberator Simon Bolivar, waves representing the patterns of
the national flag
|
Denomination of the coin, the eight stars and the waves representing the patterns of
the national flag
, the
Coat of arms of Venezuela
and the name of the country of emission
|
|
|
In December 2016, it was announced that coins of Bs.F 10, Bs.F 50, and Bs.F 100 would enter circulation. These three coins would replace the banknotes of the same denominations.
[68]
2016 Series
|
Denomination
|
Shape
|
Composition
|
Weight
|
Diameter
|
Edge
|
Obverse
|
Reverse
|
Obverse & Reverse image
|
10 bolivares
|
Round
|
Nickel-plated steel
|
3.5 g
|
21.3 mm
|
Smooth
|
Effigy of the Liberator Simon Bolivar, waves representing the patterns of
the national flag
|
Coat of arms of Venezuela
and the name of the country of emission
|
|
50 bolivares
|
Round
|
Nickel-plated steel
|
5.3 g
|
23.5 mm
|
Smooth
|
Effigy of the Liberator Simon Bolivar, waves representing the patterns of
the national flag
|
Coat of arms of Venezuela
and the name of the country of emission
|
|
100 bolivares
|
Round
|
Nickel-plated steel
|
6.5 g
|
25.5 mm
|
Segmented (Plain and Reeded edges)
|
Effigy of the Liberator Simon Bolivar, waves representing the patterns of
the national flag
|
Coat of arms of Venezuela
and the name of the country of emission
|
|
Sovereign bolivar
[
edit
]
Sovereign bolivar coins were announced to be produced in denominations of 50 centimos and Bs.S 1 (Bs.F 50,000 and Bs.F 100,000 respectively). These two coins were worthless by September 2019.
2018 Series
|
Denomination
|
Shape
|
Composition
|
Diameter
|
Edge
|
Obverse
|
Reverse
|
Obverse image
|
Reverse image
|
50 centimos
|
Round
|
Nickel-plated steel
|
22 mm
|
Decorated
|
Effigy of the Liberator Simon Bolivar, the eight stars of
the national flag
|
Coat of arms of Venezuela
, waves representing the patterns of
the national flag
and the name of the country of emission
|
|
|
1 bolivar
|
Round
|
Copper-Nickel center, Brass ring
|
24 mm
|
-
|
Effigy of the Liberator Simon Bolivar, the eight stars of
the national flag
|
Coat of arms of Venezuela
, waves representing the patterns of
the national flag
and the name of the country of emission
|
|
|
Digital bolivar
[
edit
]
Coins of the Digital bolivar were issued on October 1, 2021 in denominations of 25 and 50 centimos and 1 bolivar. The coins were introduced along with the redenomination of the currency from the Sovereign bolivar to the Digital bolivar.
2021 Series
|
Denomination
|
Shape
|
Composition
|
Diameter
|
Edge
|
Obverse
|
Reverse
|
Obverse image
|
Reverse image
|
25 centimos
|
Round
|
Nickel-plated steel
|
21.35 mm
|
Reeded
|
Effigy of the Liberator Simon Bolivar and eight stars from the national flag
|
Denomination and three bands representing the
flag of Venezuela
|
|
|
50 centimos
|
Round
|
Nickel-plated steel
|
23.5 mm
|
Segmented (Plain and Reeded sections)
|
Effigy of the Liberator Simon Bolivar and eight stars from the national flag
|
Denomination and three bands representing the
flag of Venezuela
|
|
|
1 bolivar
|
Round
|
Nickel-plated steel
|
25.4 mm
|
Plain/Smooth
|
Effigy of the Liberator Simon Bolivar and eight stars from the national flag
|
Denomination and three bands representing the
flag of Venezuela
|
|
|
Banknotes
[
edit
]
Bolivar
[
edit
]
In 1940, the
Banco Central de Venezuela
began issuing paper money, introducing denominations of Bs. 10, Bs. 20, Bs. 50, Bs. 100 and Bs. 500. Bs. 5 notes were issued between 1966 and 1974, when they were replaced by coins. In 1989, notes for Bs. 1, Bs. 2 and Bs. 5 were issued.
As inflation took hold, higher denominations of banknotes started being introduced: Bs. 1,000 in 1991, Bs. 2,000 and Bs. 5,000 in 1994, and Bs. 10,000, Bs. 20,000 and Bs. 50,000 in 1998. The first Bs. 20,000 banknotes were made in a green color similar to the one of the Bs. 2,000 banknotes, which caused confusion, and new banknotes were made in a new olive green color.
Starting from 2000, banknotes ranging from Bs. 5,000 to Bs. 50,000 were renamed to
REPUBLICA BOLIVARIANA DE VENEZUELA
instead of
BANCO CENTRAL DE VENEZUELA
on the obverse, after the
1999 constitution
was adopted. Moreover, banknotes of Bs. 10,000, Bs. 20,000 and Bs. 50,000 were updated in April 2006 after the
National Assembly
approved changes to the
coat of arms
, which were made official on March 12, 2006.
The following is a list of former Venezuelan bolivar banknotes:
Pre-1998 series banknotes (from various series)
|
Image
|
Denomination
|
Emission Year
|
Obverse
|
Reverse
|
|
|
5 bolivares
|
1968
|
Simon Bolivar
and
Francisco de Miranda
|
National Pantheon of Venezuela
|
|
|
10 bolivares
|
1968
|
Simon Bolivar
and
Antonio Jose de Sucre
|
Altar de la Patria, Campo de Carabobo
|
|
|
20 bolivares
|
1971
|
Jose Antonio Paez
|
Altar de la Patria, Campo de Carabobo
|
|
|
50 bolivares
|
1971
|
Andres Bello
|
Palace of the Academies
|
|
|
100 bolivares
|
1971
|
Simon Bolivar
|
Federal Legislative Palace
|
|
|
500 bolivares
|
1981
|
Simon Bolivar
|
A branch of
orchids
|
|
|
1,000 bolivares
|
1991
|
Simon Bolivar
|
Signing of the
Venezuelan Declaration of Independence
|
|
|
2,000 bolivares
|
1994
|
Antonio Jose de Sucre
|
The
Battle of Junin
|
|
|
5,000 bolivares
|
1994
|
Simon Bolivar
and his coat of arms
|
A reproduction of the painting
El 19 de Abril de 1810
by Juan Lovera
|
1998 Series
|
[1]
|
[2]
|
1,000 bolivares
|
1998
|
Simon Bolivar
|
A picture of
National Pantheon
in Caracas
|
[3]
|
[4]
|
2,000 bolivares
|
1998
|
Andres Bello
|
A picture of
frailejones
and a view of the
Pico Bolivar
|
[5]
|
[6]
|
10,000 bolivares
|
1998
|
Simon Bolivar
|
Teresa Carreno Cultural Complex
, Caracas
|
[7]
|
[8]
|
20,000 bolivares
|
1998
|
Simon Rodriguez
and the
Angel Falls
in the background
|
A
blue-and-yellow macaw
and the
Angel Falls
|
[9]
|
[10]
|
50,000 bolivares
|
1998
|
Jose Maria Vargas
|
Central University of Venezuela
, Caracas
|
2000 Series
"
REPUBLICA BOLIVARIANA DE VENEZUELA
"
|
[11]
|
[12]
|
5,000 bolivares
|
2000
|
Francisco de Miranda
|
Picture of two
angelfishes
and a panorama of the
Guri Dam
.
|
[13]
|
[14]
|
10,000 bolivares
|
2000
|
Antonio Jose de Sucre
|
A Marpesia petreus butterfly and the
Supreme Tribunal of Justice
|
[15]
|
[16]
|
20,000 bolivares
|
2001
|
Simon Rodriguez
and the
Angel Falls
in the background
|
A
blue-and-yellow macaw
and the
Angel Falls
|
[17]
|
[18]
|
50,000 bolivares
|
2005
|
Jose Maria Vargas
|
Central University of Venezuela, Caracas
|
Hard Bolivar
[
edit
]
2008?2016 ("2007")
[
edit
]
New banknotes of the series 2007?2015 with values of Bs.F 2 to Bs.F 100 were issued from 20 March 2007 until 5 November 2015 and became legal tender from 1 January 2008 to 20 August 2018. The greater the values, the longer re-issuing occurred. Only the Bs.F 50 and Bs.F 100 notes were re-issued in November 2015.
- Bs.F 2: March 20, 2007 to October 29, 2013
- Bs.F 5: March 20, 2007 to August 19, 2014
- Bs.F 10: March 20, 2007 to August 19, 2014
- Bs.F 20: March 20, 2007 to August 19, 2014
- Bs.F 50: March 20, 2007 to November 5, 2015
[69]
- Bs.F 100: March 20, 2007 to November 5, 2015
[69]
The obverse side is portrait-oriented, with the lower half carrying a portrait, while the reverse side is landscape-oriented, the left two thirds showing an animal in front of its habitat.
Re-issues retain the value-specific motifs, but the printing quality is different. The notes are printed by
Casa de la Moneda Venezuela
in Venezuela.
[69]
2016?17
[
edit
]
High inflation
, which was a part of
Venezuela's economic collapse
, caused the hard bolivar's value to plummet. The Bs.F 2 and Bs.F 5 notes were no longer found in circulation due to the hyperinflation, but remained legal tender. By December 2016, the Bs.F 100 note, the largest denomination, was only worth about US$0.23 on the black market.
[70]
On 7 December 2016, a new series of banknotes (recolors of the previous notes) in denominations of Bs.F 500, Bs.F 1,000, Bs.F 2,000, Bs.F 5,000, Bs.F 10,000, and Bs.F 20,000 were unveiled to the Venezuelan public.
[68]
[70]
Days later on 11 December, President
Nicolas Maduro
who had been ruling by decree wrote into law that the Bs.F 100 would be pulled from circulation within 72 hours because "mafias" were allegedly storing those particular notes to drive inflation.
[71]
With more than 6 billion Bs.F 100 notes issued consisting of 46% of Venezuela's issued currency, Maduro enacted an exchange for Venezuelan citizens to transfer all Bs.F 100 notes for Bs.F 100 coins while also blocking international travel to prevent the return of the bolivares that were supposedly stockpiled.
[71]
[72]
The government justified the move claiming that the United States was working with crime syndicates to spirit away Venezuela's paper money to warehouses in Europe to cause the fall of the government. The government was thwarting this threat by withdrawing the notes from circulation.
[73]
On 14 February 2017, Paraguayan authorities uncovered a 30-tonne stash of Bs.F 50 and Bs.F 100 notes totaling Bs.F 1.5 billion on its Brazilian border that had not yet been circulated.
[74]
According to a
United States Department of Defense
adviser linked to
The Pentagon
, the Bs.F 1.5 billion was printed by Venezuela and destined for Bolivia, since unlike the implied exchange rate of thousands of hard bolivares equaling one United States dollar, the exchange rate was approximately 10 hard bolivares per dollar, making the value of the stash 419 times stronger, from US$358,000 to US$150 million.
[74]
The Pentagon adviser further stated that the Venezuelan government tried to send the newly printed notes to be exchanged by the Bolivian government so Bolivia could pay 20% of its debt to Venezuela, and so Venezuela could use the US dollars for its own disposal.
[74]
On 3 November 2017, the Banco Central de Venezuela issued a Bs.F 100,000 note which is similar to the Bs.F 100 note of the 2007 series and the Bs.F 20,000 of the 2016 series, but with the denomination spelled out in full instead of adding an additional three zeros to the number 100. This denomination was worth US$2.42 using the unofficial exchange rate at the date of its release.
New banknotes of the 2016?17 series with values of Bs.F 500 to Bs.F 100,000 were issued from 7 December 2016 until 20 August 2018, the day when the sovereign bolivar was introduced. Notes from Bs.F 5,000 to Bs.F 100,000 were recently re-issued in December 2017.
- Bs.F 500: August 18, 2016 to March 23, 2017
- Bs.F 1,000: August 18, 2016 to March 23, 2017
- Bs.F 2,000: August 18, 2016
- Bs.F 5,000: August 18, 2016 to December 13, 2017
- Bs.F 10,000: August 18, 2016 to December 13, 2017
- Bs.F 20,000: August 18, 2016 to December 13, 2017
- Bs.F 100,000: September 7, 2017 to December 13, 2017,
Maduro has announced that after the currency redenomination has carried out on 20 August 2018, these old denominations with a face value of 1,000 hard bolivares or higher will circulate in parallel with the new series of sovereign bolivar notes and will continue to be used for a limited time.
[75]
Banknotes with a face value below BsF. 1,000 were withdrawn from circulation and ceased to be legal tender on 20 August 2018. They have to be deposited in local banks.
[76]
[77]
2018
[
edit
]
By May 2018, the hard bolivar's banknotes represented very little value and they had become in short supply.
[78]
Weighing scales
could no longer convert mass to price and receipts could no longer fit the numbers on their paper.
[79]
In June 2018, seven months after its release, the value of the Bs.F 100,000 note (largest denomination), had its value reduced by 98%, from US$2.42 (in November 2017) to US$0.05, as a result of increasing hyperinflation.
The lower denomination hard bolivar banknotes (up to Bs.F 500) were demonetized on 20 August 2018; with the introduction of the sovereign bolivar. Higher denominations (Bs.F 1,000 and above) remained legal tender during a transition period. On 30 November 2018, it was announced that the remaining denominations of the old currency will be withdrawn from circulation and cease to be legal tender on 5 December 2018.
[80]
Sovereign bolivar
[
edit
]
2018
[
edit
]
On 22 March 2018, with a declared state of emergency, a redenomination of the currency was announced.
[81]
The conversion from hard bolivar to sovereign bolivar banknotes officially occurred on 20 August 2018, with new denominations of Bs.S 2, Bs.S 5, Bs.S 10, Bs.S 20, Bs.S 50, Bs.S 100, Bs.S 200, and Bs.S 500.
[82]
Four months after entry into circulation, shops and state banks began refusing the Bs.S 2, as its value had significantly declined since the redenomination.
[83]
[84]
By November 2019, except for the Bs.S 500, all notes issued in 2018 were worthless.
2018 Series
|
Denomination
|
Value in Bs.F
|
Emission Year
|
Obverse
|
Reverse
|
2 bolivares
|
200,000
|
2018
|
Josefa Camejo
|
Yellow-crowned amazon parrot
(
Amazona ochrocephala
) with the
Morrocoy National Park
in the background
|
5 bolivares
|
500,000
|
2018
|
Jose Felix Ribas
(portrait by
Martin Tovar y Tovar
)
|
Atelopus cruciger
with the
Henri Pittier National Park
in the background
|
10 bolivares
|
1,000,000
|
2018
|
Rafael Urdaneta
|
Giant anteater
(
Myrmecophaga tridactyla
) with the
Catatumbo lightning
in the background
|
20 bolivares
|
2,000,000
|
2018
|
Simon Rodriguez
|
Jaguar
(
Panthera onca
) with the
Waraira Repano National Park
in the background
|
50 bolivares
|
5,000,000
|
2018
|
Antonio Jose de Sucre
|
Cunaguaro
(
Leopardus tigrinus
) with the
Peninsula de Paria National Park
in the background
|
100 bolivares
|
10,000,000
|
2018
|
Ezequiel Zamora
|
Brown spider monkey
(
Ateles hybridus
) with the
Guatopo National Park
in the background
|
200 bolivares
|
20,000,000
|
2018
|
Francisco de Miranda
|
Military macaw
(
Ara militaris
) with the
Waraira Repano National Park
in the background
|
500 bolivares
|
50,000,000
|
2018
|
Simon Bolivar
|
Venezuelan troupial
(
Icterus icterus
) with the
Macarao National Park
in the background
|
2019
[
edit
]
Further inflation since the soberano redenomination resulted in the creation of Bs.S 10,000, Bs.S 20,000 and Bs.S 50,000 banknotes in June 2019.
[85]
Not mentioning inflation, the
Central Bank of Venezuela
said the introduction of the new banknotes would "complement and optimize" the monetary system and that their purpose was to make payment systems "more efficient".
[86]
On 23 April 2020, the exchange rate per xe.com was US$1 = 144,697.34 VES; the following day, the rate slid to US$1 = Bs.S 171,140.42.
Banknotes with a narrow segmented security thread were printed by
Goznak
, those with a wider one were printed elsewhere.
2019 Series
|
Image
|
Denomination
|
Value in Bs.D
|
Emission Year
|
Obverse
|
Reverse
|
[87]
|
10,000 bolivares
|
0.01
|
2019
|
Simon Bolivar
|
"Mausoleum of the Liberator" Simon Bolivar
|
[88]
|
20,000 bolivares
|
0.02
|
2019
|
Simon Bolivar
|
"Mausoleum of the Liberator" Simon Bolivar
|
[89]
|
50,000 bolivares
|
0.05
|
2019
|
Simon Bolivar
|
"Mausoleum of the Liberator" Simon Bolivar
|
2020
[
edit
]
As of December 2020, the highest denomination banknote (Bs.S 50,000) was worth less than US$0.05
[90]
and the
minimum wage
is Bs.S 1,200,000 (about US$1) per month.
[91]
By September 2020, all sovereign bolivar banknotes (Bs.S 2 to Bs.S 500) issued on 20 August 2018 were deemed worthless. Venezuelan officials are planning a new Bs.S 100,000 note.
[92]
Meanwhile, as of 16 December 2020, the exchange rate was over 1 million bolivares to one US dollar.
[93]
2021
[
edit
]
On 5 March 2021, the Central Bank of Venezuela introduced 3 new denominations: Bs.S 200,000, Bs.S 500,000 and Bs.S 1,000,000 which were made available to the general public on 8 March 2021.
[94]
The Bs.S 1,000,000 note was only worth US$0.52 at the time of the announcement.
[95]
By late May 2021 the exchange rate had risen to over 3 million sovereign bolivares to one US dollar.
[93]
According to a July 2021
Bloomberg article
, Venezuela plans to redenominate the bolivar at a ratio of 1,000,000:1 in August 2021, effectively removing six zeros from the denominations. The current largest denomination banknote is 1,000,000 bolivares, expressed on the note with a predominant 1 followed by the descriptive
millon de bolivares
. It is therefore likely that the bank intends to retain the bolivar currency name while reusing the existing note designs.
[96]
Digital bolivar
[
edit
]
Banknotes of 5, 10, 20, 50, and 100 digital bolivares were introduced in 2021,
[100]
all bearing similar motifs but different colors.
Notes
[
edit
]
- ^
Despite the name, banknotes and coins for the currencies were issued, and the
Financial Times
described it as "no more digital than any other currency".
[8]
See also
[
edit
]
References
[
edit
]
- ^
a
b
c
d
e
f
"Banco Central de Venezuela"
.
bcv.org.ve
(in Spanish).
- ^
"Venezuela - Inflation rate 2022"
.
Statista
. Retrieved
2021-10-05
.
- ^
"La inflacion acumulada en 2020 en Venezuela fue de 2.959,8%, segun el BCV"
.
EFE
(in Spanish)
. Retrieved
2021-10-05
.
- ^
"Jose Guerra: Seguimos en Hiperinflacion. La inflacion al cierre del 2020 en Venezuela fue de 3713%"
.
Observatorio Venezolano de Finanzas
(in Spanish). 6 January 2021
. Retrieved
2021-10-05
.
- ^
a
b
c
"Indicadores Economia Venezolana"
.
dolartoday.com
(in Spanish). 15 December 2023.
- ^
"Inflation rate, average consumer prices - Venezuela"
.
International Monetary Fund
. Retrieved
2021-10-05
.
- ^
"Venezuela Introduces New Currency"
. Gata. 2008-01-01
. Retrieved
2008-02-04
.
- ^
a
b
c
Silva, Vanessa; Long, Gideon (2021-10-01).
"Venezuela lops another six zeros off its currency"
.
Financial Times
.
Archived
from the original on 2022-12-10
. Retrieved
2021-10-05
.
- ^
Cohen, Benjamin J. (22 August 2018).
"Venezuela's "desperate" currency devaluation won't save its economy from collapse"
.
The Conversation
. Retrieved
2021-10-05
.
- ^
"List one: Currency, fund and precious metal codes"
(PDF)
. SIX Financial Information AG. 1 October 2021.
- ^
a
b
"Venezuela introduces new currency with 6 fewer zeros"
.
Associated Press
. 2021-10-01
. Retrieved
2021-10-05
.
- ^
"Billetes del cono monetario actual coexistiran con los billetes y monedas de la Nueva Expresion Monetaria"
.
Banco Central de Venezuela
. 2021-09-03
. Retrieved
2021-10-05
.
- ^
"Au Venezuela, mine par l'hyperinflation, la monnaie nationale perd six zeros d'un coup"
.
Le Monde.fr
(in French). 2021-10-01
. Retrieved
2021-10-05
.
- ^
"The weakening of the "strong bolivar"
"
.
The Economist
. 2010-01-14
. Retrieved
2016-12-10
.
- ^
"Sistema Cambiario"
.
Archived
from the original on 2011-04-09
. Retrieved
2011-04-09
.
- ^
"Home"
.
planetbanknote.com
.
- ^
"Asamblea Nacional"
.
Republica Bolivariana de Venezuela
(in Spanish). Archived from
the original
on 15 August 2018
. Retrieved
22 August
2018
.
- ^
"Calculadora Dolar Today"
. Dolar Today. May 8, 2018.
- ^
"Currency of Venezuela ? Venezuela's new currency the Venezuelan Bolivar fuerte"
.
Republica-de-venezuela.com
. Retrieved
2016-12-10
.
- ^
Numismatic Catalog of Venezuela.
"Coins in Pesos Fuerte"
. Retrieved
2008-02-04
.
- ^
television advertisements
Bolivar Fuerte Bs.F
for the new currency repeatedly use "fuerte" as meaning "strong" such as in "Una economia fuerte" (a strong economy) and "¡Aqui hay fuerza!" (There's strength in this!)
- ^
Rueda, Jorge (2008-01-01).
"Venezuela cuts three zeros off bolivar currency"
. Reuters
. Retrieved
2008-02-04
.
- ^
Mander, Benedict (10 February 2013).
"Venezuelan devaluation sparks panic"
.
Financial Times
.
Archived
from the original on 2022-12-10
. Retrieved
11 February
2013
.
- ^
"Venezuela will slash value of currency, the bolivar"
. BBC. 2010-01-09
. Retrieved
2010-01-09
.
- ^
"Chavez Devaluation Puts Venezuelans to Queue on Price Raise"
.
Bloomberg
. 11 February 2013. Archived from
the original
on February 17, 2013
. Retrieved
11 February
2013
.
- ^
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Bibliography
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Topics
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Coins
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