Venezuelan bolívar

The main currency of Venezuela since 20 August 2018 has been the bolívar soberano (sovereign bolivar) (sign: Bs.S.[1] or Bs.;[4] plural: bolívares soberanos; ISO 4217 code: VES).

Venezuelan bolívar soberano
bolívar soberano venezolano (Spanish)
Banknotes and coins of the bolívar soberano up to Bs. 500
ISO 4217
Code	VES
Denominations
Subunit
​^1⁄100	céntimo
Plural	bolívares soberanos
Symbol	Bs.S.[1] or Bs.
Nickname	bolo(s), luca(s), real(es)
Banknotes	Bs.S. 2, 5, 10, 20, 50, 100, 200, 500,[1] 10,000, 20,000, 50,000
Coins	50 céntimos, Bs.S. 1
Demographics
User(s)	Venezuela
Issuance
Central bank	Banco Central de Venezuela
Website	www.bcv.org.ve
Valuation
Inflation	1,698,488% (2018 est.)[2]
Value	Official rate US$1 = Bs.S 250,000 (Jul 29, 2020)[1] Parallel rate US$1 = Bs.S 259,000 (Jul 29, 2020)[3]

It replaced the bolívar fuerte (strong bolívar, sign: Bs.F., ISO 4217 code: VEF) after a transition period.[5] The primary reason for replacement, at a rate of 1 Bs.S. to 100,000 Bs.F, was hyperinflation.

On 1 January 2008, the bolívar fuerte had itself replaced, because of inflation,[6] the original bolívar introduced in 1879 (sign: Bs.;[1] ISO 4217 code: VEB). It did so at a rate of 1 Bs.F. to 1000 Bs.

History

Bolívar

Bolívar

Preceded by: Venezolano Reason: unification of circulating currencies Ratio: ​^1⁄5 venezolano = 1 bolívar	Currency of Venezuela 31 March 1879 – 31 December 2007	Succeeded by: Bolívar fuerte Reason: inflation Ratio: 1000 bolívares = 1 bolívar fuerte

Venezuelan bolívar
bolívar  (Spanish)
ISO 4217
Code	VEB
Number	862
Denominations
Subunit
​^1⁄100	céntimo
Plural	bolívares
céntimo	céntimos
Symbol	Bs.
Banknotes	2000, 5000, 10,000, 20,000, 50,000 bolívares
Coins	10, 20, 50, 100, 500, 1000 bolívares
Demographics
User(s)	Venezuela
Issuance
Central bank	Banco Central de Venezuela
Website	www.bcv.org.ve
This infobox shows the latest status before this currency was rendered obsolete.

The Bolívar is named after the hero of Latin American independence Simón Bolívar. 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 4.5 g 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),[7] 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.[8] The rate was pegged to the U.S. dollar at a fixed exchange rate of Bs 1,600 to the dollar.

Bolívar fuerte

Bolívar fuerte

Preceded by: Bolívar Reason: inflation Ratio: 1000 bolívares = 1 bolívar fuerte	Currency of Venezuela 1 January 2008 – 20 August 2018	Succeeded by: Bolívar soberano Reason: hyperinflation Ratio: 100,000 bolívares fuertes = 1 bolívar soberano

Venezuelan bolívar fuerte
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.[1] or Bs.
Nickname	bolo(s), luca(s), real(es)
Banknotes
Freq. used	Bs.F. 1000, 2000, 5000, 10,000, 20,000, 100,000[1]
Rarely used	Bs.F. 2, 5, 10, 20, 50, 100, 500
Coins
Rarely used	Bs.F. 1, 10, 50, and 100[1]
Demographics
User(s)	Venezuela
Issuance
Central bank	Banco Central de Venezuela
Website	www.bcv.org.ve
Valuation
Inflation	80,000% (2018 est.)[9]
Pegged with	US$1 = Bs. 248,832 (Dicom auction)[1] (see this section for parallel market rate)[10]
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 bolívar would be revalued at a ratio of 1,000 to 1 on 1 January 2008 and renamed the bolívar fuerte in an effort to facilitate the ease of transaction and accounting.[11] The newer name is literally translated as "strong bolívar"[12][13] but is also a reference to an old coin called the peso fuerte worth 10 Spanish reales.[14] The name "bolívar fuerte" is used to distinguish it from the older currency that was being used along with the bolívar fuerte.[15] The official exchange rate is restricted to individuals by CADIVI, which imposes an annual limit on the amount available for travel.

Inflation represented by the time it would take, in years, for money to lose 90% of its value (301-day rolling average, inverted logarithmic scale).

Since the government of Hugo Chávez established strict currency controls in 2003, there have been a series of five currency devaluations, disrupting the economy.[16] On 8 January 2010, the value was changed by the government from the fixed exchange rate of 2.15 bolívares fuertes to 2.60 bolívares for some imports (certain foods and healthcare goods) and 4.30 bolívares for other imports like cars, petrochemicals, and electronics.[17] On 4 January 2011, the fixed exchange rate became 4.30 bolívares for US$1.00 for both sides of the economy. On 13 February 2013 the bolívar fuerte was devalued to 6.30 bolívares per US$1 in an attempt to counter budget deficits.[18] On 18 February 2016, President Maduro used his newly granted economic powers to devalue the official exchange rate of the bolívar fuerte from 6.3 Bs.F per US$1 to 10 Bs.F per US$1, which is a 37% depreciation against the U.S. dollar.[19]

The bolívar fuerte entered hyperinflation in November 2016.[20]

On January 26, 2018, the government retired the protected and subsidized 10 Bs.F per US$1 exchange rate that was highly overvalued as a result of rampant inflation.[21] On February 5, 2018, the Central Bank of Venezuela announced a 99.6% [sic] devaluation, with the exchange rate going to 25,000 Bs.F per USD. This made the bolívar fuerte 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 bolívar fuerte was the least valued circulating currency unit in the world.[22]

The official exchange rate stood at 248,832 VEF/USD as of August 10, 2018, making it the least valued circulating currency in the world based on official exchange rates.[23]

In June 2018, the government authorized a new exchange rate for buying, but not selling currency. On August 13, 2018, the rate was 4,010,000 VEF/USD according to ZOOM Remesas.[24]

Bolívar soberano

Bolívar soberano

Preceded by: Bolívar fuerte Reason: hyperinflation Ratio: 100,000 bolívares fuertes = 1 bolívar soberano	Currency of Venezuela 20 August 2018 – 2020

On 22 March 2018, President Nicolás Maduro announced a new monetary reform program, with a planned revaluation of the currency at a ratio of 1 to 1,000.[25] The change was to be made effective from 4 June 2018.[26][27]

In May 2018, the government required prices to be expressed in both bolívares fuertes and bolívares soberanos at the then-planned rate of 1,000 to 1. For example, one kilogram of pasta was shown with a price of BsF. 695,000 and BsS. 695. Prices expressed in the new currency were rounded to the nearest 50 céntimos 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 0.50 BsS.; for example a litre of gasoline and a Caracas Metro ticket typically cost BsS. 0.06 and BsS. 0.04, respectively.[28]

The change in currency was originally scheduled for June 4, 2018. The President delayed the planned June launch date of the bolívar soberano, citing from Aristides Maza, "the period established to carry out the conversion is not enough".[29] 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.[30]

On 20 August 2018, the Maduro government launched the new bolívar soberano currency,[31] with one bolívar soberano worth 100,000 bolívares fuertes. New coins in denominations of 50 céntimos and 1 bolívar soberano, and new banknotes in denominations of 2, 5, 10, 20, 50, 100, 200 and 500 bolívares soberanos were introduced.[32] Under the country's official fixed exchange rate to the US dollar the new currency was devalued by roughly 95% compared to the old bolívar fuerte.[33] The day was declared a bank holiday to allow the banks to adjust to the new currency.[34] Initially, during a transition period the bolívar soberano was to be run alongside the bolívar fuerte.[5] However, from the start of the transition, on 20 August, bolívar fuerte notes of 500 and less could not be used; only deposited at banks.[35]

Concurrently with the release of the new currency, the minimum wage was raised to 1,800 bolívares soberanos per month,[36] a 33-fold increase,[37] and sales tax increased from 12% to 16%.[37]

Additionally, the bolívar soberano is supposed to have a fixed exchange rate to the petro cryptocurrency, with a rate of 3,600 bolívares soberanos to one petro;[38][39] a peg of petro and bolívar soberano was announced by Maduro as early as 15 August. The petro is supposedly tied to the price of a barrel of oil (about US$60 in August 2018).[38][39] As of the end of August 2018, there is no evidence that the cryptocurrency is being traded.[40] Petro is regarded by many as a scam.[41][40][42]

Following the introduction of the bolívar soberano, inflation increased from 61,463 percent on 21 August 2018 to 65,320 percent on 22 August 2018.[41] By 24 August 2018, the introduction of the bolívar soberano had not prevented hyperinflation.[43] According to inflation analyst Steve Hanke, between 18 August and 21 August 2018, the inflation rate increased from 48,760 percent to 65,320 percent.[20][41]

Currency black market

The value of one U.S. dollar in Venezuelan bolívares fuertes (before 20 August 2018) and bolívares soberanos on the parallel (or black) market through time. Vertical lines represent every time the currency has lost 90% of its value, which has happened eight times since 2012. The graph shows that as of March 2020, the currency is worth 750 million times less than it was worth in August 2012. Since the beginning of the presidential crisis in Venezuela in January 2019, the curve has been less steep than previously, meaning that the rate at which the value is lost, inflation, has slowed down.

The black (or parallel) market value of the bolívar fuerte and the bolívar soberano 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 6.3 bolívares per U.S. dollar.[44] In September 2014, the currency black market rate for the bolívar fuerte reached 100 VEF/USD;[45] on 25 February 2015, it went over 200 VEF/USD.[46] on 7 May 2015, it was over 275 VEF/USD and on 22 September 2015, it was over 730 VEF/USD.[47] Venezuela still had the highest inflation rate in the world in July 2015.[48] 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.[3]

At the time of redomination 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, and 50,000 VES/USD on 29 December. According to DolarToday, the parallel exchange rate was 54,702.82 VES/USD as of 1 January 2020.[3]

Exchange rate history

It is illegal to publish the "parallel exchange rate" in Venezuela.[49] One popular website that has been publishing parallel exchange rates since 2010 is DolarToday, which has also been critical of the Maduro government.[50]

This table shows a condensed history of the parallel foreign exchange rate of the Venezuelan bolívar (fuerte and soberano) to one United States dollar between 2012 and 2020, according to DolarToday.[51]

Bolívar fuerte (Bs.F) 1 Bs.F = 1,000 Bs.		Bolívar soberano (Bs.S) 1 Bs.S = 100,000 Bs.F
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 60–90 September 2018 90–100 October 2018 100–240 November 2018 240–410 December 2018 410–730 January 2019 730–2,720 February 2019 2,580–3,700 March 2019 3,680–3,720 April 2019 3,710–6,120 May 2019 6,120–6,350 June 2019 6,350–7,880 July 2019 7,840–12,520 August 2019 13,010–25,950 September 2019 25,950–26,000 November 2019 27,000–41,700 December 2019 43,030–54,702 January 2020 54,702–83,273 February 2020 75,015–77,142 March 2020 84,723–87,396 April 2020 89,168–200,058

Coins

Bolívar

Various Venezuelan coins

In 1879, silver coins were introduced in denominations of ​¹⁄₅, ​¹⁄₂, 1, 2, and 5 bolívares, together with gold 20 bolívares. Gold 100 bolívares were also issued between 1886 and 1889. In 1894, silver ​¹⁄₄ bolívar coins were introduced, followed by cupro-nickel 5 and ​12 ¹⁄₂ céntimos in 1896.

In 1912, production of gold coins ceased, whilst production of the 5 bolívares ended in 1936. In 1965, nickel replaced silver in the 25 and 50 céntimos, with the same happening to the 1 and 2 bolívares in 1967. In 1971, cupro-nickel 10 céntimo coins were issued, the ​12 ¹⁄₂ céntimos having last been issued in 1958. A nickel 5 bolívares was introduced in 1973. Clad steel (first copper, then nickel and cupro-nickel) was used for the 5 céntimos from 1974. Nickel clad steel was introduced for all denominations from 25 céntimos up to 5 bolívares in 1989.

In 1998, after a period of high inflation, a new coinage was introduced consisting of 10, 20, 50, 100 and 500 bolívares denominations.

The former coins were:

• 10 bolívares
• 20 bolívares
• 50 bolívares
• 100 bolívares
• 500 bolívares
• 1000 bolívares (minted 2005, issued late 2006, incorrectly rumoured as recalled due to official Coat of Arms change during the interval)[52]

5-venezolano coin

All the coins had the same design. On the obverse the left profile of the Libertador Simón Bolívar is depicted, along with the inscription "Bolívar 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, Semi-Circled by the official name of the country and the year of its emission below.

Bolívar fuerte

Coins of the bolívar fuerte were in denominations of 1, 5, 10, ​12 ¹⁄₂, 25, 50 céntimos, and 1 bolívar. They were quickly rendered obsolete by high inflation. It may be noticed that there was a ​12 ¹⁄₂-céntimo coin and a 1-céntimo coin, but no ​¹⁄₂-céntimo coin. Therefore, giving correct change for a purchase of, say, ​4 ¹⁄₂ céntimos would require using a ​12 ¹⁄₂-céntimo coin and getting 8 céntimos back.

2008 Series
Denomination	Shape	Composition	Weight	Diameter	Edge	Obverse	Reverse	Obverse image	Reverse image
1 céntimo	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 céntimos	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 céntimos	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 céntimos	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 céntimos	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 céntimos	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. 1	Round	Copper-Nickel center, Brass ring	8.04 g	24 mm	Smooth 'BCV1'	Effigy of the Liberator Simón Bolívar, 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 10, 50, and 100 bolívares would enter circulation. These three coins would replace the banknotes of the same denominations.[53]

2016 Series
Denomination	Shape	Composition	Weight	Diameter	Edge	Obverse	Reverse	Obverse & Reverse image
10 bolívares	Round	Nickel-plated steel	3.5 g	21.3 mm	Smooth	Effigy of the Liberator Simón Bolívar, waves representing the patterns of the national flag	Coat of Arms of Venezuela and the name of the country of emission
50 bolívares	Round	Nickel-plated steel	5.3 g	23.5 mm	Smooth	Effigy of the Liberator Simón Bolívar, waves representing the patterns of the national flag	Coat of Arms of Venezuela and the name of the country of emission
100 bolívares	Round	Nickel-plated steel	6.5 g	25.5 mm	Segmented (Plain and Reeded edges)	Effigy of the Liberator Simón Bolívar, waves representing the patterns of the national flag	Coat of Arms of Venezuela and the name of the country of emission

Bolívar soberano

Bolívar soberano coins were announced to be produced in denominations of 50 céntimos and 1 bolívar (50,000 bolívares fuertes and 100,000 bolívares fuertes). These two coins are worthless by Sept 2019.

2018 Series
Denomination	Shape	Composition	Diameter	Edge	Obverse	Reverse	Obverse image	Reverse image
50 céntimos	Round	Nickel-plated steel	22 mm	Decorated	Effigy of the Liberator Simón Bolívar, 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 bolívar	Round	Copper-Nickel center, Brass ring	24 mm	-	Effigy of the Liberator Simón Bolívar, 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

Banknotes

Bolívar

In 1940, the Banco Central de Venezuela began issuing paper money, introducing by 1945 denominations of 10, 20, 50, 100 and 500 bolívares. 5-bolívar notes were issued between 1966 and 1974, when they were replaced by coins. In 1989, notes for 1, 2 and 5 bolívares were issued.

As inflation took hold, higher denominations of banknotes started being introduced: 1,000 bolívares in 1991, 2,000 and 5,000 bolívares in 1994, and 10,000, 20,000 and 50,000 bolívares in 1998. The first 20,000-bolívar banknotes were made in a green color similar to the one of the 2,000 banknotes, which caused confusion, and new banknotes were made in the new olive green color.

Starting from 2000, banknotes ranging from 5,000 bolívares to 50,000 bolívares were renamed to REPÚBLICA BOLIVARIANA DE VENEZUELA instead of BANCO CENTRAL DE VENEZUELA on the front, after the 1999 constitution was adopted. Moreover, banknotes of 10,000, 20,000 and 50,000 bolívares 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 bolívar banknotes:

Pre-1998 series banknotes (from various series)
Image		Denomination	Emission Year	Obverse	Reverse
		5 bolívares	1968	Simón Bolívar and Francisco de Miranda	National Pantheon of Venezuela
		10 bolívares	1968	Simón Bolívar and Mariscal Sucre	Altar de la Patria, Campo de Carabobo
		20 bolívares	1971	Jose Antonio Paez	Altar de la Patria, Campo de Carabobo
		50 bolívares	1971	Andrés Bello	Palace of the Academies
		100 bolívares	1971	Simón Bolívar	Federal Legislative Palace
		500 bolívares	1981	Simón Bolívar	A branch of orchids
		1,000 bolívares	1991	Simón Bolívar	Signing of the Venezuelan Declaration of Independence
		2,000 bolívares	1994	Antonio José de Sucre	The Battle of Junín
		5,000 bolívares	1994	Simón Bolívar and his coat of arms	A reproduction of the painting El 19 de Abril de 1810 by Juan Lovera
1998 Series
		1,000 bolívares	1998	Simón Bolívar	A picture of National Pantheon in Caracas
		2,000 bolívares	1998	Andrés Bello	A picture of frailejones and a view of the Pico Bolívar
		10,000 bolívares	1998	Simón Bolívar	Teresa Carreño Cultural Complex, Caracas
		20,000 bolívares	1998	Simón Rodríguez and the Angel Falls in the background	A blue-and-yellow macaw and the Angel Falls
		50,000 bolívares	1998	José María Vargas	Central University of Venezuela, Caracas
2000 Series "REPÚBLICA BOLIVARIANA DE VENEZUELA"
		5,000 bolívares	2000	Francisco de Miranda	Picture of two angelfishes and a panorama of the Guri Dam.
		10,000 bolívares	2000	Antonio José de Sucre	A Marpesia petreus butterfly and the Supreme Tribunal of Justice
		20,000 bolívares	2001	Simón Rodríguez and the Angel Falls in the background	A blue-and-yellow macaw and the Angel Falls
		50,000 bolívares	2005	José María Vargas	Central University of Venezuela, Caracas

Bolívar fuerte

2008–2016 ("2007")

New banknotes of the series 2007–2015 with values of 2 to 100 BsF 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 50 and 100 BsF notes were re-issued in November 2015.

• 2 BsF: March 20, 2007 to October 29, 2013
• 5 BsF: March 20, 2007 to August 19, 2014
• 10 BsF: March 20, 2007 to August 19, 2014
• 20 BsF: March 20, 2007 to August 19, 2014
• 50 BsF: March 20, 2007 to November 5, 2015[54]
• 100 BsF: March 20, 2007 to November 5, 2015[54]

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.[54]

2008 Series
Image		Denomination	Value in Bs. (1879-2007)	Emission Year	Size (millimeters)	Obverse	Reverse
		2 bolívares fuertes	2,000	2007	156 × 69	Francisco de Miranda	Orinoco River Dolphins (Inia geoffrensis) with Coro Dunes in background; Gusano flower
		5 bolívares fuertes	5,000	2007		Pedro Camejo	Giant armadillo (Priodontes maximus) with the plains of Los Llanos in the background
		10 bolívares fuertes	10,000	2007		Cacique Guaicaipuro	American harpy eagle (Harpia harpyja) with the Ucaima Falls at Canaima National Park in the background
		20 bolívares fuertes	20,000	2007		Luisa Cáceres de Arismendi	Hawksbill turtle (Eretmochelys imbricata) with Macanao Mountain in the background
		50 bolívares fuertes	50,000	2007		Simón Rodríguez	Spectacled bear (Tremarctos ornatos) with Laguna Santo Cristo at Sierra Nevada National Park in the background
		100 bolívares fuertes	100,000	2007		Simón Bolívar	Red siskin (Carduelis cucullata) with Cerro El Ávila at El Ávila National Park in the background

2016–17

High inflation, which was a part of Venezuela's economic collapse, caused the bolívar fuerte's value to plummet. The 2- and 5-bolívar notes were no longer found in circulation due to the hyperinflation, but remained legal tender. By December 2016, the 100-bolívar note, Venezuela's largest denomination of currency, was only worth about US$0.23 on the black market.[55]

On 7 December 2016, a new series of banknotes (recolors of the previous notes) in denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 bolívares fuertes was unveiled to the Venezuelan public.[53][55] Days later on 11 December, President Nicolás Maduro who had been ruling by decree wrote into law that the 100 Bs.F. would be pulled from circulation within 72 hours because "mafias" were allegedly storing those particular bills to drive inflation.[56] With more than 6 billion 100 Bs.F. notes issued consisting of 46% of Venezuela's issued currency, Maduro enacted an exchange for Venezuelan citizens to transfer all 100 Bs.F. notes for 100 Bs.F. coins while also blocking international travel to prevent the return of the bolívares that were supposedly stockpiled.[56][57] 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.[58] On 14 February 2017, Paraguayan authorities uncovered a 30-tonne stash of 50- and 100-bolívar notes totaling 1.5 billion Bs.F on its Brazilian border that had not yet been circulated.[59] According to a United States Department of Defense adviser linked to The Pentagon, the 1.5 billion Bs.F was printed by Venezuela and destined for Bolivia, since unlike the implied exchange rate of thousands of bolívares fuertes equaling one United States dollar, the exchange rate was approximately 10 bolívares fuertes per dollar, making the value of the stash 419 times stronger, from US$358,000 to US$150 million.[59] 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.[59]

On November 3, 2017, the Banco Central de Venezuela issued a 100,000-bolívar note which is similar to the 100-bolívar note of the 2007 series and the 20,000-bolívar 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 500 to 100,000 BsF were issued from 7 December 2016 until 20 August 2018, the day when the bolívar soberano was introduced. Notes from 5,000 BsF to 100,000 BsF were recently re-issued in December 2017.

• 500 BsF: August 18, 2016 to March 23, 2017
• 1,000 BsF: August 18, 2016 to March 23, 2017
• 2,000 BsF: August 18, 2016
• 5,000 BsF: August 18, 2016 to December 13, 2017
• 10,000 BsF: August 18, 2016 to December 13, 2017
• 20,000 BsF: August 18, 2016 to December 13, 2017
• 100,000 BsF: 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 bolívares fuertes or higher will circulate in parallel with the new series of bolívar soberano notes and will continue to be used for a limited time.[60] Banknotes with a face value below 1000 bolívares fuertes were withdrawn from circulation and ceased to be legal tender on 20 August 2018. They have to be deposited in local banks.[61][62]

2016-17 Series
Image		Denomination	Value in Bs.S. 20 Aug - 4 Dec 2018	Emission Year	Obverse	Reverse
		500 bolívares fuertes	none	2016	Francisco de Miranda	Orinoco River Dolphins (Inia geoffrensis) with Coro Dunes in background; Gusano flower
		1,000 bolívares fuertes	Bs.S. 0.01	2016	Pedro Camejo	Giant armadillo (Priodontes maximus) with the plains of Los Llanos in the background
		2,000 bolívares fuertes	Bs.S. 0.02	2016	Cacique Guaicaipuro	American harpy eagle (Harpia harpyja) with the Ucaima Falls at Canaima National Park in the background
		5,000 bolívares fuertes	Bs.S. 0.05	2016	Luisa Cáceres de Arismendi	Hawksbill turtle (Eretmochelys imbricata) with Macanao Mountain in the background
		10,000 bolívares fuertes	Bs.S. 0.10	2016	Simón Rodríguez	Spectacled bear (Tremarctos ornatos) with Laguna Santo Cristo at Sierra Nevada National Park in the background
		20,000 bolívares fuertes	Bs.S. 0.20	2016	Simón Bolívar	Red siskin (Carduelis cucullata) with Cerro El Ávila at El Ávila National Park in the background
		100,000 bolívares fuertes	Bs.S. 1	2017	Simón Bolívar	Red siskin (Carduelis cucullata) with Cerro El Ávila at El Ávila National Park in the background

2018

By May 2018, the bolívar fuerte's banknotes represented very little value and they had become in short supply.[63] Weighing scales could no longer convert mass to price and receipts could no longer fit the numbers on their paper.[64]

On June 2018, seven months after its release, the value of the 100,000-bolívar 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 bolívar fuerte banknotes (up to Bs.F 500) were demonetized on 20 August 2018; with the introduction of the bolívar soberano. Higher denominations (Bs. 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.[65]

Bolívar soberano

2018–19 ("2018")

The bolívar soberano banknotes were introduced to the public on 20 August 2018 in denominations of BsS 2, BsS 5, BsS 10, BsS 20, BsS 50, BsS 100, BsS 200 and BsS 500. Only the 50 BsS, 100 BsS and 500 BsS were recently reissued on May 18, 2018.

• 2 BsS: January 15, 2018
• 5 BsS: January 15, 2018
• 10 BsS: January 15, 2018
• 20 BsS: January 15, 2018
• 50 BsS: January 15, 2018 to May 18, 2018
• 100 BsS: January 15, 2018 to May 18, 2018
• 200 BsS: January 15, 2018 to March 13, 2018
• 500 BsS: January 15, 2018 to May 18, 2018

Four months after entry into circulation, the Bs.S 2 (about US$0.002 at that time), began being refused in shops and state banks, as its value has significantly declined since redenomination.[66][67]

By December 2019 of all soberano Bolivar notes issued on 20 August 2018 only the highest denomination 500 Bolivar notes are still in use. All other denomination are deemed worthless and the shops don't accept them

2018 Series
Image		Denomination	Value in Bs.F.	Emission Year	Obverse	Reverse
		2 bolívares	200,000	2018	Josefa Camejo	Yellow-crowned amazon parrot (Amazona ochrocephala) with the Morrocoy National Park in the background
		5 bolívares	500,000	2018	José Felix Ribas (portrait by Martín Tovar y Tovar)	Atelopus cruciger with the Henri Pittier National Park in the background
		10 bolívares	1,000,000	2018	Rafael Urdaneta	Giant anteater (Myrmecophaga tridactyla) with the Catatumbo lightning in the background
		20 bolívares	2,000,000	2018	Simón Rodríguez	Jaguar (Panthera onca) with the Waraira Repano National Park in the background
		50 bolívares	5,000,000	2018	Antonio José de Sucre	Cunaguaro (Leopardus tigrinus) with the Península de Paria National Park in the background
		100 bolívares	10,000,000	2018	Ezequiel Zamora	Brown spider monkey (Ateles hybridus) with the Guatopo National Park in the background
		200 bolívares	20,000,000	2018	Francisco de Miranda	Military macaw (Ara militaris) with the Waraira Repano National Park in the background
		500 bolívares	50,000,000	2018	Simón Bolívar	Venezuelan troupial (Icterus icterus) with the Macarao National Park in the background

2019

Further inflation since redenomination has resulted in the entry of BsS 10,000, BsS 20,000 and BsS 50,000 banknotes into circulation effective 13 June 2019.[68] The Central Bank of Venezuela said in a statement that the introduction of the new banknotes will "make the payment system more efficient and facilitate commercial transactions."[69]

The highest denomination banknote (BsS 50,000) is worth US$0.25 as of 25 May 2020 on the black market and the minimum wage is BsS 800,000 (~US$4.00) per month. All bolivar soberano banknotes (2 to 500 bolivar soberano) issued in August 2018 became useless by April 2020. On 23 April 2020, the exchange rate per xe.com was 1 USD = 144,697.34 VES; the following day the rate slid to 1 USD = 171,140.42 VES.

• 10,000 BsS: January 22, 2019
• 20,000 BsS: January 22, 2019
• 50,000 BsS: January 22, 2019

2019 Series
Image		Denomination	Emission Year	Obverse	Reverse
	[70]	10,000 bolívares	2019	Simón Bolívar	"Mausoleum of the Liberator" Simón Bolívar
	[71]	20,000 bolívares	2019	Simón Bolívar	"Mausoleum of the Liberator" Simón Bolívar
	[72]	50,000 bolívares	2019	Simón Bolívar	"Mausoleum of the Liberator" Simón Bolívar

Current VES exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD INR
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD INR
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD INR
From OANDA:	AUD CAD CHF EUR GBP HKD JPY USD INR
From fxtop.com:	AUD CAD CHF EUR GBP HKD JPY USD INR

See also

• Economy of Venezuela
• Hyperinflation in Venezuela
• SUCRE (currency)
• All Banknotes of Venezuela

References

1. "Banco Central de Venezuela". bcv.org.ve (in Spanish).
2. "Inflación de 2018 cerró en 1.698.488%, según la Asamblea Nacional" (in Spanish). Efecto Cocuyo. 9 January 2019. Retrieved 9 January 2019.
3. "Indicadores Economía Venezolana". dolartoday.com (in Spanish).
4. La idea de Bolívar El Diario, 18 Diciembre 2013
5. "Venezuela rolls out new currency amid rampant hyperinflation". Al Jazeera. 20 August 2018. Retrieved 22 August 2018.
6. "Venezuela Introduces New Currency". Gata. 2008-01-01. Retrieved 2008-02-04.
7. "The weakening of the "strong bolívar"". The Economist. 2010-01-14. Retrieved 2016-12-10.
8. "Archived copy". Archived from the original on 2011-04-09. Retrieved 2011-04-09.CS1 maint: archived copy as title (link)
9. "Asamblea Nacional". República Bolivariana de Venezuela (in Spanish). Retrieved 22 August 2018.
10. "Calculadora Dolar Today". Dolar Today. May 8, 2018.
11. "Currency of Venezuela – Venezuela's new currency the Venezuelan Bolívar fuerte". Republica-de-venezuela.com. Retrieved 2016-12-10.
12. television advertisements Bolivar Fuerte Bs.F for the new currency repeatedly use "fuerte" as meaning "strong" such as in "Una economía fuerte" (a strong economy) and "¡Aquí hay fuerza!" (There's strength in this!)
13. Rueda, Jorge (2008-01-01). "Venezuela cuts three zeros off bolivar currency". Reuters. Retrieved 2008-02-04.
14. Numismatic Catalog of Venezuela. "Coins in Pesos Fuerte". Retrieved 2008-02-04.
15. "Chavez Passes Law-Decree on Monetary Reform in Venezuela". venezuelanalysis.com. 9 March 2007. Retrieved 2016-12-10.
16. Mander, Benedict (10 February 2013). "Venezuelan devaluation sparks panic". Financial Times. Retrieved 11 February 2013.
17. "Venezuela will slash value of currency, the bolivar". BBC. 2010-01-09. Retrieved 2010-01-09.
18. "Chavez Devaluation Puts Venezuelans to Queue on Price Raise". Bloomberg. 11 February 2013. Retrieved 11 February 2013.
19. Holodny, Elena (18 February 2016). "Venezuela raises gas prices 6,200%". Business Insider. Retrieved 18 February 2016.
20. Hanke, Steve (18 August 2018). "Venezuela's Great Bolivar Scam, Nothing but a Face Lift". Forbes. Retrieved 19 August 2018.
21. "Venezuela eliminates heavily subsidized DIPRO forex rate". Reuters. 30 Jan 2018. Retrieved 2018-01-30.
22. "Venezuela announces 99.6 percent devaluation of official forex rate". Reuters. 5 February 2018. Retrieved 20 August 2018.
23. "Banco Central de Venezuela |". bcv.org.ve.
24. "Casa de Cambio ZOOM". Retrieved 2018-06-23.
25. López, Abel (2018-03-22). "Maduro anuncia nueva reconversión monetaria". El Nacional (in Spanish). Retrieved 2018-03-22.
26. "Venezuela to revalue ailing bolivar currency from June 4". Nasdaq. 2018-03-22. Archived from the original on 2018-03-23. Retrieved 2018-03-22.
27. "Ya está en Gaceta Oficial decreto de reconversión monetaria". Panorama (in Spanish). Retrieved 2018-03-26.
28. Web, El Nacional (2018-04-29). "Comenzaron a aparecer productos con precios el bolívares soberanos". El Nacional (in Spanish). Retrieved 2018-04-30.
29. WEB, EL NACIONAL (2018-05-29). "Maduro pospone entrada en vigencia de la reconversión monetaria". El Nacional (in Spanish). Retrieved 2018-05-29.
30. "Inflation-hit Venezuela to remove five zeros from currency". Deutsche Welle. 26 July 2018. Retrieved 2018-07-26.
31. "With 1,000,000% inflation, Venezuela slashes five zeroes from its bills". Retrieved 22 August 2018.
32. Litzmayer, Owen (5 Apr 2018). "Venezuela | Banknote News". www.banknotenews.com. Retrieved 2018-05-08.
33. Hopps, Kat (21 August 2018). "Venezuela crisis: How much is the bolivar worth today? Bs to USD to GBP". Retrieved 22 August 2018.
34. Sterling, Joe (2018-08-23). "Venezuela issues new currency, amid hyperinflation and social turmoil". CNN. Retrieved 2018-08-23.
35. "Venezuela - Bolívar soberano transition". MRI Guide. August 15, 2018.
36. Venezuela just devalued the bolivar by 95% and pegged it to a cryptocurrency - Business Insider
37. "Venezuela hikes wages ahead of monetary overhaul". Washington Post. 2018-08-17. Retrieved 2018-08-24.
38. Lam, Eric (20 August 2018). "Here's What Maduro Has Said of Venezuela's Petro Cryptocurrency". Bloomberg News.
39. Phillips, Tom (20 August 2018). "Venezuela devalues currency and raises minimum wage by 3,000%". the Guardian. Retrieved 22 August 2018.
40. Ellsworth, Brian (30 August 2018). "Special Report: In Venezuela, new cryptocurrency is nowhere to be found". Reuters. Retrieved 7 September 2018.
41. Mak, Aaron (22 August 2018). "Venezuela Is About to Become the First Country to Peg Its Currency to a Cryptocurrency. Don't Believe the Hype". Slate Magazine. Retrieved 23 August 2018.
42. Moskvitch, Katia (22 August 2018). "Inside the bluster and lies of Petro, Venezuela's cryptocurrency scam". Wired. Retrieved 11 October 2018.
43. "Venezuela: New currency fails to curb hyperinflation". Al Jazeera. Retrieved 2018-08-24.
44. "Stuck in Venezuela with those currency exchange blues". Los Angeles Times. 12 November 2013. Retrieved 7 January 2014.
45. "Venezuela bolivar hits record low 100/U.S. dollar on black market". Reuters. 26 September 2014. Retrieved 5 October 2014.
46. "Venezuela's bolívar tumbles beyond 200 mark". Financial Times. 25 February 2015. Retrieved 28 April 2015.
47. "El precio 'REAL' del Dolar paralelo en Venezuela". DolarToday.com. 15 February 2013. Archived from the original on 15 February 2013.
48. Pardo, Daniel (8 July 2015). "Living with Venezuela's high inflation". BBC News. UK. Retrieved 7 August 2015.
49. Simon Romero (February 9, 2008). "In Venezuela, Faith in Chávez Starts to Wane". New York Times.
50. Otis, John. "Venezuela forces ISPs to police Internet". Committee to Protect Journalists. Retrieved May 15, 2015.
51. https://dxj1e0bbbefdtsyig.woldrssl.net/custom/dolartoday.xlsx
52. "Coins from Venezuela : 1000 Bolívares – Design B, Type A : Numismatic Catalog of Venezuela". www.numismatica.info.ve. 2016-12-04. Retrieved 2016-12-10.
53. "Ampliación del cono monetario" (PDF) (Press release) (in Spanish). Banco Central de Venezuela. 20 December 2016. Archived from the original (PDF) on 2016-12-20. Retrieved 22 August 2018.
54. banknotes > Venezuela > series 2007–2015 colnect.com, retrieved 12 December 2016. – Specific (re-)issuing date above pair of signatures above portrait.
55. "Venezuela's new banknotes". Deutsche Welle. 8 December 2016. Retrieved 9 December 2016.
56. "Venezuela's Maduro orders 100-unit banknotes out of circulation". AFP. 11 December 2016. Retrieved 12 December 2016.
57. "Venezuela pulls most common banknote from circulation to 'beat mafia'". The Guardian. 11 December 2016. Retrieved 12 December 2016.
58. "Declaring war on common sense, Venezuela bans its own money". Washington Post. Dec 15, 2016.
59. Coutinho, Leonardo (23 February 2017). "Veja: Venezuela y Bolivia son sospechosas de esquema estatal de lavado". Eju TV (in Spanish). Retrieved 24 February 2017.
60. "Maduro: El nuevo cono monetario va a coexistir con el viejo "hasta su extensión"". www.noticierodigital.com. Retrieved 2018-08-14.
61. "Banco Central de Venezuela on Twitter". Twitter. Retrieved 2018-08-14.
62. WEB, EL NACIONAL (2018-08-14). "Billetes inferiores a 1.000 bolívares no tendrán valor a partir del 20A". El Nacional (in Spanish). Retrieved 2018-08-14.
63. "Venezuelans Are Paying a 100% Premium for Cash". Bloomberg. 2018-03-02. Retrieved 2018-04-05.
64. "Venezuela's Hyperinflation Is Breaking Deli Scales". Bloomberg. 2018-03-14. Retrieved 2018-04-05.
65. "Bolívar Fuerte circulará hasta el miércoles 5 de diciembre | En la Agenda | 2001.com.ve". 2001.com.ve. Retrieved 2018-11-30.
66. Krystian (2019-01-06). "Billetes de Bs.S 2 no es aceptado ni en bancos del Estado". Descifrado (in Spanish). Retrieved 2019-01-08.
67. C, Manuel Tomillo (2019-01-06). "Ya ni los bancos del Estado quieren aceptar los devaluados billetes de Bs.S 2". Caraota Digital (in Spanish). Retrieved 2019-01-08.
68. "Tres nuevos billetes se incorporan al Cono Monetario vigente | Banco Central de Venezuela". bcv.org.ve. Retrieved 2019-06-12.
69. "Venezuela adds bigger bank notes due to hyperinflation". Reuters. 12 June 2019. Retrieved 13 June 2019.
70. "P-NEW". Banknote.ws. 2019-01-22. Retrieved 2020-06-04.
71. "P-NEW". Banknote.ws. 2019-01-22. Retrieved 2020-06-04.
72. "P-NEW". Banknote.ws. 2019-01-22. Retrieved 2020-06-04.

Bibliography

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

External links

• Current Legal Banknotes Venezuela
• Banknotes of Venezuela Gallery
• Numismatic Catalog of Venezuela
• History of Venezuelan Currency (in Spanish)