Venezuela Currency

Venezuela Currency Details

  Country Name : Venezuela
Currency Name : Venezuelan bolivar
ISO Code : VEB
Banknotes-Types : 2¸ 5¸ 10¸ 20¸ 50¸ 100 Bs.F.
Coins-Types : 5¸ 10¸ 25¸ 50 cÚntimos¸ 1 Bs.Fm¸12? and 1 cÚntimo
Symbol : Bs
Official Users : Venezuela
Website : www.bcv.org.ve

 
Venezuela Currency Image
Venezuelan bolivar

Venezuela: Venezuelan Bolivar

Venezuela is one of the most important countries of South America. The currency of Venezuela is bolivar. The currency has been adopted by Venezuela since 2008. The currency of plural form is bolivares. The sign used for the currency is Bs.F. The currency is subdivided into 100 centimos. The bolivar fuerte is the present currency of Venezuela which has replaced the bolivar. The sign of bolivar is Bs. The replacement of this happened at the rate of Bs.F 1= Bs. 1000. This is due to the inflation which was suffered by the country.

About Venezuela Currency

In 1879¸ the government of Venezuela adopted bolivar as the monetary law. Venezolano was the currency of the country prior to that but the currency didn’t have a long life. Boliver however sustained for a long time in as the official currency of the country. Till 1983¸ the currency of this country has been the most stable and internationally accepted currency. But after high inflation and various other reasons the bolivar became a victim of high devaluation.

Since 2010¸ the bolivar has been officially pegged with the US dollar. Type one bolivar it is exchanged at the rate of one dollar is equal to 2.60 bolivar and type 2 it is exchanged at the rate of 4.30 bolivars.

On 7th March 2007¸ the bolivar fuerte was all ready to take the place of long standing bolivar. The new currency of the country was revalued at the rate of 1 to 1000. However the name was changed as bolivar fuerte for easier transactions and accounting.  It was a temporary name given to the new currency so that they new currency can be distinguished from the old bolivar. The Central Bank of Venezuela is the official bank which issues the currency for Venezuela.

The ISO 4217 code which is given to the currency is VEF. The bolivar fuerte is not valid in any other country other than Venezuela.

Venezuela Currency Banknotes Types

The banknotes of Venezuela are issued by the Central Bank of Venezuela. The denominations in which the banknotes are circulated are Bs.F. 2; 5; 10; 20; 50; 100. The first banknotes of the bolivar were seen in 1940. The Central Bank of Venezuela started to introduce paper money. In the initial stages the bolivar notes were issued in the denominations of 10¸ 20¸ 50¸ 100 and 500 bolivar. Later in 1966¸ 5 bolivar notes were also issued. As the country was hit by inflation¸ the need for higher denomination notes became very necessary. The denominations of the banknotes went as high as 50¸ 000 bolivar. In 1991¸ 1000 bolivar banknotes were issued¸ 2000 and 5000 was issued in 1994¸ 10¸ 000¸ 20¸000 and 50¸000 banknotes were issued in 1998. This led to the adoption of bolivar fuerte.

In 2008¸ all the denominations of the new bolivar fuerte currency banknotes were introduced into the market which is still being circulated in the country.

Venezuela Currency Coins Types

1879 was the year when the country saw the first silver currency coins. The 1965¸ the contemporary coins which are used were minted. The prior coins were made of silver and gold and then the production of gold coins was ceased and silver was replaced by nickel. The denominations in which the bolivar coins are presently circulated are Bs.F. 0¸ 01; 0¸ 05; 0¸10; 0¸12½; 0¸25; 0¸50; 1.

After a long period of inflation more coins were introduced which were of the denominations 10¸ 20¸ 50¸ 100 and 500 bolivar. All the coins have the same design where on the obverse the left profile of Simon Bolivar is depicted and on the reverse the Coat of arms is depicted. Also on the obverse one can see the seven stars and the inscription ‘Bolivar Libertador’ written in heptagon.

The Former Denominations of the Coins were circulated in are

  • 10 bolívares
  • 20 bolívares
  • 50 bolívares
  • 100 bolívares
  • 500 bolívares

1000 bolívares (minted 2005¸ issued late 2006¸ incorrectly rumored as recalled due to official Coat of Arms change during the interval)

Currency Exchange Rate to other World Famous Currencies like US¸ UK etc.

The exchange rate of the Venezuela boliver with the other currency giants is given below.

1 USD = 4.30000 VEF

1 GBP = 6.95369 VEF

1EUR = 5.98042 VEF

*the above given values are as of March 8¸ 2011¸ the value of currency is subjected to change depending the monetary values worldwide.

Venezuela Currency Coins and Banknotes Images

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