Bolivares Explained with Key Features and Facts

The bolivar is the official currency of Venezuela, named after the country's independence hero, Simón Bolívar. It's divided into 100 centimos, but centimos are no longer in circulation.

One of the most significant facts about the bolivar is that it's been subject to extreme inflation. In 2018, the bolivar lost over 90% of its value against the US dollar. This has made everyday transactions extremely challenging for Venezuelans.

The bolivar has undergone several revaluations and re-denominations over the years, with the most recent one in 2008. This has resulted in a complex system with multiple currency denominations in circulation.

A Bolivar is a unit of currency in Venezuela, specifically the Bolivar Soberano, which is the official currency since 2018.

It's named after Simón Bolívar, the Venezuelan leader who played a key role in the Latin American wars of independence.

The Bolivar Soberano replaced the Bolivar Fuerte, which was the previous currency.

The Bolivar is the official currency of Venezuela, issued by the Central Bank of Venezuela. It's been in circulation since the Bolivarian Republic was established in 1999.

The Bolivar Soberano was a previous version of the currency, used from 2018 to 2021. It's worth noting that the Bolivar has undergone changes over the years, but its standard circulation banknotes remain a key part of the currency.

Here are some key features of the Bolivar:

A Bolivar note from 2020 has a value of 500,000 Bolivars, which is equivalent to approximately USD 0.0093. This is a significant value, reflecting the Bolivar's complex history and economic changes.

The obverse of a Bolivar is the front side of the note. It features a dark purple background with a multishade light purple underprint.

The obverse also includes black serial numbers, which can be used to identify individual notes.

A portrait of Simón Bolívar is located at the bottom-center of the obverse. He's a key figure in Venezuelan history.

The background of the obverse is adorned with stars, flowers, and galloping horses.

The script used on the obverse is Latin.

The U.S. dollar spot exchange rate for Venezuelan bolivares is a crucial aspect of understanding the value of the bolivar. The exchange rate is calculated using the bolivar soberano daily rate on Friday, October 1 and the bolivar digital daily rates multiplied by 1,000,000 starting on Monday, October 4.

This exchange rate is provided by the Board of Governors of the Federal Reserve System (US) and is part of the G.5 Foreign Exchange Rates release. The rate is updated on a weekly basis every Monday, or the next business day if Monday is a holiday.

The data series is available from the source files in the Data Download Program, which can be accessed through the Federal Reserve's website. Monthly values are averages of the daily data available, and preliminary values for the current month are provided by the source even if not all daily values are available for the entire month.

The exchange rate for the Venezuelan bolivar is calculated using the noon buying rates in New York City for cable transfers payable in foreign currencies. This data is updated from the source files in the Data Download Program, which can be accessed through the Federal Reserve's website.