- Monetary unit:
- the Country code:
- Venezuela, Republic
- of 12 050 sq. km
- Spanish (state), etc.
- VE (VEN) 862
Since 2007 new currency of Venezuela is bolivar Fuerte (bolivar fuerte - strong bolivar). It consists from 100 centimos and has replaced simple bolivar, on a parity 1 to 1000 in connection with inflation. The international designation - VEF . A nominal number of monetary units is presented by notes of denomination of 2, 5, 10, 20, 50 and 100 bolivars.
The Bolivar has been entered in 1879. Following principles of the Latin exchange rate union bolivar it was equal 4,5 g of a fine silver. The law of 1887 has defined gold bolivar an unlimited lawful legal tender, and the gold standard has entered at the full capacity in 1910. Till February, 18th, 1983 (among Venezuelans - "Black Friday") the bolivar was the stablest and is international recognised currency. Since then, however, it became a victim of high inflation. Since March, 1st, 2005, the bolivar has been officially adhered to US dollar under the fixed exchange rate - 2150 bolivar to US dollar.
The Name bolivar Fuerte is used to distinguish it from old currency only.
The central bank of Venezuela advances new currency with an advertising campaign: "Una economia fuerte, un bolivar fuerte, un pais fuerte" (Strong economy, strong bolivar, the strong country "). Nevertheless, the market value of bolivar Fuerte was much more low, than the fixed exchange rate.
On face sides of notes bolivar fuerte are represented known cultural and politicians of Venezuela, such as: 2 bolivars - Fransisko Miranda, the chief of struggle for independence of the Spanish colonies in the South America; 5 bolivars - Pedro Kameho, the legendary Venezuelan soldier; 10 bolivars - Guaichajpuro, the leader of two American Indian tribes; 20 bolivars - Louise Kaseres Dias de Arismendi, the heroine of the Venezuelan war for independence; 50 bolivars - a Simon Rodriguez, the philosopher and the teacher, the instructor of a Simon Bolivar; 100 bolivars - a Simon Bolivar most influential and known from chiefs of war for independence of the Spanish colonies in America, the national hero of Venezuela.
In many places (especially it falls into to the markets and to private establishments) the American dollars are accepted.
Exchange is carried out at numerous exchange offices, at the airport, banks, big hotels,
Shops and travel agencies.
It is updated 05.2012