Currency Rates for Venezuelan Bolívar
Currency Exchange Rates for Venezuelan Bolívar - Currency Information on VEF – Venezuelan bolivar – Bs. The foreign exchange currency code for VEF represents the Venezuelan Bolívar exchange rate. Introduced in 2008, the Venezuelan bolivar (bolivar fuerte) replaced the original bolivar at a ratio of 1: 1,000, revaluing the currency.
On 1 Jan, 2008, bolivar fuerte was declared as Venezuela's currency. The code for this currency is VEF and the sign is Bs or Bs.F. It can be divided into 100 centimos and its predecessor is bolivar.
The Monetary law passed in 1879 lead to the adoption of bolivar as the official currency in Venezuela (it replaced the venezolano). In 1934 exchange rate of bolivar was fixed in US dollar terms, where 1 USD = 3.914 bolivares. In 1937, this was revised to 1USD = 3.18 bolivares. Until 1983, 18th Feb, the bolivar was the most internationally accepted and stable currency. On that day, it underwent tremendous devaluation. On 5th Feb, 2003, there was imposition of exchange control and capital flight was limited.
The name bolivar fuerte means strong bolivar and is derived from one of the ancient coins named peso fuerte. This name also helps the currency to be distinguished from the former one. The exchange rate officially is only meant for CADIVI.
Denominations of coins are 1 bolivar and 50, 25, 12 1/2, 10, 5 and 1 centimos. Mostly the 1 bolivar and 50 centimos coins are popularly used as most of the prices are rounded off upto the next nearest 50 centimos. On Dec, 1, 2016, it was announced that there would be circulation of 100, 50 and 10 bolivares coins soon.
Since 2007, 20th March, banknotes of the series 2007-2015 have been issued. The values are in between 2 - 100 Bs.F. All the values have the same format - rectangular (159x69mm). Reverse side has landscape imprinted and there's also an animal near a habitat on the left 2/3rds. The obverse side displays portrait and the lower side carries a different portrait.
In 2003, The Hugo Chavez government had imposed firm currency controls. In 2010, 8th Jan, government changed the value for some of the imports (healthcare goods and some foods) fixed exchange rate to 2.60 bolivares from 2.15 bolivares Fuertes. For import of electronics, petrochemicals and cars, the new exchange rate was 1.00 USD against 4.30 bolivares for either economy sides. In 2016, 18th Feb, Maduro (the President) devaluated the exchange of Bs.F from 6.3 / USD to 10 Bs.F / USD.
Send Money Transfer to Venezuela. ‘Bolivar fuerte’ translates into ‘strong currency’, but also has rigins in the peso fuerte, an old coin.
GBP to VEF
Coins are available in denominations of 1c, 5c, 12 ½ c, 25c, 50c and one bolivar. Banknotes circulate in denominations of 2, 5, 10, 20, 50 and 100 bolivar. Bank Exchange Rates for Venezuela. The foreign exchange rates for Venezuelan Bolívar also known as the ISO code VEF. Send money transfer online with us with the cheapest options.