1 Million Venezuelan Bolivar in the Venezuelan Economy

In Venezuela, the 1 million Bolivar note was introduced in 2018, a massive denomination aimed at facilitating transactions in a hyperinflationary economy. It's a staggering amount of money, equivalent to about $3.50 USD at the time of its introduction.

The 1 million Bolivar note is a result of Venezuela's economic struggles, particularly the hyperinflation that has ravaged the country's currency. The note's large denomination is a desperate attempt to keep up with the rapidly rising prices.

As of 2020, the 1 million Bolivar note was still in circulation, although its value had plummeted to about $0.10 USD due to the country's economic crisis.

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The VES to USD exchange rate is a crucial aspect to consider when dealing with 1 million Venezuelan Bolivars. The lowest exchange rate in the last year was 0.01577 US Dollars per Venezuelan Bolivar on February 21, 2025.

The Venezuelan Bolivar has decreased in value compared to the US Dollar, with a drop of -42.86% in the last year. This means that the VES/USD rate is down significantly.

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If you're looking to convert 1 million VES to USD, you'll want to know the exchange rates. Over the last 30 days, the VES to USD exchange rate reached a high of 0.01793 and a low of 0.01577, with an average rate of 0.01676. The overall change in this period was -12.07%.

Here's a breakdown of the exchange rates for different amounts of VES:

The exchange rate volatility over the last 30 days was -12.07%, indicating a relatively stable exchange rate. If you're looking to make a large conversion, it's essential to consider this volatility and plan accordingly.

The Venezuelan Bolivar (VES) is a currency that's had its fair share of ups and downs, especially when it comes to its value against the US dollar (USD).

The lowest VES to USD exchange rate in the last year was 0.01577 US Dollars per Venezuelan Bolivar, which occurred on February 21, 2025.

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If you're looking to convert 1 million Venezuelan Bolivars to USD, you'll want to know the current exchange rate. According to the data, the average exchange rate for 1 million VES over the last 30 days is $16,760.91.

Here's a breakdown of the exchange rates for different amounts of VES:

Keep in mind that the exchange rate can fluctuate greatly, with a volatility of -26.45% over the last 90 days.

The Venezuelan economy has been in shambles since the 1990s, with hyperinflation taking hold in the early 2000s.

The country's inflation rate has been astronomical, with prices increasing by 1 million percent between 2016 and 2018.

Hyperinflation has made it difficult for people to afford basic necessities like food and medicine, with some prices increasing by 100 times in just one day.

The government's reliance on oil exports has also led to a lack of economic diversification, making the country vulnerable to fluctuations in the global oil market.

In 2018, the Venezuelan government introduced a new currency, the sovereign bolivar, in an attempt to stabilize the economy.

However, the new currency was pegged to the US dollar at a highly unfavorable exchange rate, which only further exacerbated the country's economic woes.

As a result, the value of the 1 million Venezuelan bolivar has become essentially worthless, with prices continuing to skyrocket and people struggling to make ends meet.

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