Venezuelan Bolívar
Bolívar
Currency Code
VES
ISO 928
Symbol
VES
Native: Bs.
Decimal Digits
2
Rounding: 0
Countries
VE
Using this currency
Currency Units
Major Unit
Name: bolívar
Symbol: Bs.
Minor Unit
Name: céntimo
Symbol:
Value: 0.01
Banknotes
Frequently Used
Bs.5Bs.10Bs.20Bs.50Bs.100
Coins
Frequently Used
Bs.150 céntimos
Plural Forms
English Plural
Venezuelan bolívars
Native Plural
Bolívares
Overview
The Venezuelan Bolívar is the current official currency of Venezuela, introduced in 2018 to replace the bolívar fuerte. It has experienced severe hyperinflation and devaluation due to the country's economic and political crisis.
Economy
- Venezuela is a member of OAS (suspended), UNASUR, CELAC, Non-Aligned Movement.
- Main industries include: Petroleum, Construction materials, Food processing, Textiles, Iron ore mining, Steel, Motor vehicle assembly.
- Venezuela is part of the World Trade Organization.
- Imports are agricultural products, raw materials, machinery, transport equipment, construction materials.
- Major exports include petroleum, bauxite and aluminum, minerals, chemicals, agricultural products, basic manufactures.
- GDP: $219.2 billion (2023 est.).
- GDP per capita: $7,704 (2023 est.).
- Unemployment rate: 5.7% (2021 est.).
- Inflation rate: 234.1% (2023 est.).
- Main trading partners: China, Turkey, Russia, India, Spain, Brazil.
- Trade agreements: Limited due to international sanctions, Bilateral agreements with allied countries.
History
- Previous currencies used: Bolívar fuerte, Bolívar, Venezuelan peso.
- The bolívar soberano was introduced on August 20, 2018, replacing the bolívar fuerte at a rate of 1:100,000. This was the latest in a series of currency redenominations due to hyperinflation.
- 2008: Bolívar fuerte introduced
- 2013: Start of severe economic crisis
- 2016: Hyperinflation begins
- 2018: Bolívar soberano introduced (100,000:1)
- 2019-2022: Continued devaluation and inflation
- 2023: Partial dollarization of economy
- Exchange rate peg: Free floating (severely devalued).
General Information
- ISO 4217 Code: VES
- Symbols: VES/Bs.S
- Currency Subunits: 100 céntimos
- Central Bank: Central Bank of Venezuela
- Monetary Policy: Multiple exchange rate system with severe capital controls. Limited effectiveness due to hyperinflation and economic crisis.
- Bills: 2 VES, 5 VES, 10 VES, 20 VES, 50 VES, 100 VES, 200 VES, 500 VES, 1000 VES
- Coins: 1 céntimo, 5 céntimos, 10 céntimos, 25 céntimos, 50 céntimos, 1 bolívar
- USD Exchange Rate: Variable (approximately 36-40 VES per USD official, much higher parallel rate)
- Pegged To: None (Floating)
- Capital: Caracas
- Population: 28,838,499 (2023 est.)
- Area: 912,050 km²
- Languages: Spanish (official), Numerous indigenous dialects
- Time Zones: UTC-4 (Venezuela Time)
- Government Type: Federal presidential republic
- Head of Government: President (head of state and government)
- Independence: July 5, 1811 (from Spain)
- Ethnic Groups: Unspecified Spanish, Italian, Portuguese, Arab, German, African, Indigenous
- Religions: Roman Catholic 96%, Protestant 2%, Other 2%
- Literacy Rate: 97.1% (2016 est.)
- Transport: Simón Bolívar International Airport, road networks, limited rail, Caribbean and Atlantic ports
- Communications: Deteriorating telecommunications infrastructure, 72% internet penetration affected by economic crisis
- Energy: Oil and gas 96%, Hydroelectric 4%
- Countries Using This Currency: Venezuela
- Data Sources: Central Bank: Central Bank of Venezuela (bcv.org.ve), Economic Data: Venezuelan National Institute of Statistics, World Bank estimates, IMF, Trade Data: Limited official data due to political situation, Demographic Data: Venezuelan National Institute of Statistics, Geographic Data: Venezuelan Institute for Scientific Research, Historical Data: Central Bank of Venezuela archives
- Last Updated: 2025