Venezuelan bolívar
| Venezuelan bolívar | |
|---|---|
| Bolívar fuerte venezolano (Spanish) | |
Various 2007–2015 series bolívar fuerte notes.
|
|
| ISO 4217 | |
| Code | VEF |
| Denominations | |
| Subunit | |
| 1⁄100 | céntimo |
| Plural | bolívares fuertes |
| Symbol | Bs.F. or Bs. |
| Nickname | bolo(s), luca(s), real(es) |
| Banknotes | Bs.F. 50; 100; 500; 1000; 2000; 5000; 10,000; 20,000 |
| Coins | Bs.F. 1, 10, 50, and 100 |
| Demographics | |
| User(s) |
 Venezuela
|
| Issuance | |
| Central bank | Banco Central de Venezuela |
| Website | www |
| Valuation | |
| Inflation |
 720% (February 2016) |
| Pegged with |
U.S. dollar = Bs.F. 10.00, 673.50 (Greatly different black market rate; see article text) |
The bolívar fuerte (sign: Bs.F. or Bs.; plural: bolívares fuertes; ISO 4217 code: VEF) has been the currency of Venezuela since 1 January 2008. It is subdivided into 100 céntimos and replaced the original bolívar (sign: Bs.; plural: bolívares; ISO 4217 code: VEB) at the rate of Bs.F. 1 = Bs. 1,000 because of inflation.
The bolívar was adopted by the monetary law of 1879, replacing the short-lived venezolano at a rate of five bolívares to one venezolano. Initially, the bolívar was defined on the silver standard, equal to 4.5g fine silver, following the principles of the Latin Monetary Union. The monetary law of 1887 made the gold bolívar unlimited legal tender, and the gold standard came into full operation in 1910. Venezuela went off gold in 1930, and in 1934 the bolívar exchange rate was fixed in terms of the U.S. dollar at a rate of 3.914 bolívares = 1 U.S. dollar, revalued to 3.18 bolívares = 1 U.S. dollar in 1937, a rate which lasted until 1941. Until 18 February 1983 (now called Black Friday (Viernes Negro) by many Venezuelans), the bolívar 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. The rate was pegged to the U.S. dollar at a fixed exchange rate of 1600 VEB to the dollar.
The government announced on 7 March 2007 that the bolívar would be revalued at a ratio of 1 to 1000 on 1 January 2008 and renamed the bolívar fuerte in an effort to facilitate the ease of transaction and accounting. The new name is literally translated as "strong bolívar", but also refers to an old coin called the peso fuerte worth 10 Spanish reales. The name "bolívar fuerte" is used to distinguish it from the older currency that was being used along with the bolívar fuerte. The official exchange rate is restricted to individuals by CADIVI, which imposes an annual limit on the amount available for travel.
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Wikipedia