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Venezuelan Bolívar (VEF) Profile

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Currency name: 

Venezuelan bolívar fuerte VEF converter to world currencies »

Currency code: 
Currency symbol: 

Bs., or Bs.F

Subunit: 
1/100, céntimo; symbol: ¢
Coins freq used: 
Bs.1, 5¢ 10¢, 25¢, 50¢
Coins rarely used: 
1¢, 12½¢
Banknotes freq used: 
Bs.2, Bs.5, Bs.10, Bs.20, Bs.50, Bs.100
Banknotes rarely used: 
 
Central bank: 
Banco Central de Venezuela (www.bcv.org.ve)
Currency users: 
Currency notes: 

1.VEF is pegged with U.S.dollar. It was at 1 USD= 4.30 VEF and changed to 1 USD=6.30 VEF effective as of 13 February 2013.
2.Nicknames: bolo(s), luca(s)
3.plural of bolívar fuerte: bolívares fuertes

Currency user map: 

Venezuelan bolívar fuerte users

The Venezuelan bolivar fuerte has been the currency of Venezuela (officially the Bolivarian Republic of Venezuela) since January 1, 2008. Venezuela is a country on the northern coast of South America. It was taken as Spanish colony in 1567 and declared independence from Spain on July 5, 1811, eventually obtained full independence in 1830.

Venezuela is a member of the Union of South American Nations (briefed as UZAN or UNASUL or UNASUR according to various languages) which is an intergovernmental union and was established on December 8, 2004, consisting of twelve members and 2 observers (Mexico and Panama). The Union of South American Nations expects to model the European Union and introduce a common currency, possibly by 2019. 

Currencies of Union of South American Nations (UNASUR), exchange rate: Feb.14th,2013
"UNASUR" Currency name Code 1USD= 1EUR= 1GBP=
Argentina Argentine peso ARS 5.00599 6.68764 7.75558
Bolivia Venezuelan bolívar fuerte BOB 6.90964 9.23015 10.7047
Brazil Brazilian real BRL 1.95928 2.61746 3.03543
Chile Chilean peso CLP 470.738 628.85 729.321
Colombia Colombian peso COP 1783.29 2382.35 2762.9
Ecuador United States dollar USD 1.00000 1.33592 1.54932
Guyana Guyanese dollar GYD 203.948 272.451 315.98
Paraguay Paraguayan guaraní PYG 4089.31 5462.93 6335.42
Peru Peruvian nuevo sol PEN 2.56899 3.43197 3.98019
Suriname Suriname dollar SRD 3.28713 4.39199 5.09252
Uruguay Uruguayan peso UYU 19.0398 25.4355 29.4978
Venezuela Venezuelan bolivar VEF 6.29375 8.40786 9.75069
Panama <2> Panamanian balboa PAB 1.00000 1.33592 1.54932
Mexico <2> Mexican peso MXN 12.6915 16.9561 10.6619

Notes:
<1>. The group expects to model the EU with a common currency by 2019.
<2>.  Mexico and Panama are observers of the Union of South American Nations.

Venezuelan bolívar fuerte history

The Venezuelan bolivar fuerte was introduced in 2008, and replaced the bolivar (code: VEB) at the rate of 1 VEF =1000 VEB.

The bolivar (VEB currency) was adopted in 1879 and defined initially on the silver standard, equal to 4.5 g fine silver. It was fixed with the U.S.dollar at 1 USD=3.914 VEB in 1934 and 1 USD = 3.18 VEB from 1937 to 1941. The Bolivar (VEB) had been going devaluated at 1 USD =1600 VEB since 2003. Eventually in 2007, the new currency of bolivar fuerte (VEF) was introduced and replaced bolivar (VEB) at 1 VEF= 1000 VEB.  The fixed exchange rate between the Venezuelan bolivar fuerte (VEF) and the U.S.dollar (USD) was at 1 USD=2.60 VEF for some imports including certain foods and healthcare goods and 1 USD =4.30 for other imports like cars, petrochemicals and electronics. Eventually it was fixed at 1 USD= 4.30 VEF for all imports since January 4, 2011 and changed to 1 USD =6.30 VEF effective as of 13 February 2013.

Venezuelan bolívar fuerte coins and banknotes

The Venezuelan bolivar fuerte is subdivided into 100 centimo.

Currently in circulation coins are in denominations of 5, 10, 25 50 cents and 1 bolivar fuerte, and banknotes are in denominations of 2, 5, 10, 20, 50, 100 bolivares fuertes.

Venezuelan bolívar fuerte and the currency of peso

Peso was originally the name of Spanish dollar (also known as the piece of eight or the eight-real coin) which was issued by Spain and minted in the Spanish Empire. Hence, Peso was used or still being used by many nations which were the former Spanish colonies.

Countries that previously used the peso (exchange rate as per:Feb.12th,2013)
Countries  Official country name Currency name Currency code Location- Continent 1 USD= Independence from Spain
Bolivia Plurinational State of Bolivia Bolivian boliviano BOB South America 6.90963 1.Declared, 6 August 1825
2.Recognized, 21 July 1847
3.Current constitution, 7 Feb.2009
Costa Rica Republic of Costa Rica Costa Rican colón CRC Central America 500.560 1.from Spain, Sep.15,1821
2.Recognizednby Spain, May 10,1850
3.Constitution, Nov.7,1949
Ecuador Republic of Ecuador United States dollar USD South America 1.000 1.Declared, Aug.10, 1809
2.from Spain, May 24,1822
3.Recognized, Feb.16,1830
Equatorial Guinea Republic of Equatorial Guinea Central African CFA franc XAF Africa 487.639 from spain, 12 Oct.1968
EI Salvador Republic of El Salvador United States dollar USD North America 1.000 1.from Spain, Sep.15,1821
2.Recognized by Spain, June 24,1865
3.from the Greater Republic of Central America, 1898
Guatemala Republic of Guatemala Guatemalan quetzal GTQ North America 7.8445 1.Declared, 15 Sep.1821
2.Restored, 1 July 1823
3.Current constitution, 31 May 1985
Guinea-Bissau Republic of Guinea-Bissau West African CFA franc XOF Africa 487.641 Independence from Portugal
1.Declared, 24 Sep.1973
2.Recognized, 10 Sep.1974
Honduras Republic of Honduras Honduran lempira HNL North America 19.920 1.Declared, 15 Sep.1821
2.Declared 5 Nov.1838 as Honduras
Nicaragua Republic of Nicaragua Nicaraguan córdoba NIO North America 24.285 1.Declared, 15 Sep.1821
2.Current constitution, 9 Jan.1987
Paraguay Republic of Paraguay Paraguayan guaraní PYG South America 4114.51 1.Declared, 14 May 1811
2.Recognized, 15 May 1811
Peru Republic of Peru Peruvian nuevo sol PEN South America 2.58399 1.Declared, July 28,1821
2.Recognized, 14 August 1879
3.Current constitution, 31 Dec.1993
Venezuela Bolivarian Republic of Venezuela Venezuelan bolívar VEF South America 4.300 1.from Spain, 5 July 1811
2.Recognized, 30 March 1845
3.Current Constitution, 20 Dec.1999
Spain Kingdom of Spain the Euro EUR Europe 1.34509 Current Constitutional democracy, 1978
Countries currently using the peso (exchange rate as per:Feb.12th,2013)
Countries  Official country name Currency name Currency code Location- Continent 1 USD= Independence from Spain
Argentina Argentine Republic Argentine peso ARS South America 4.99699 1.Declared, 9 July 1816
2.Current federal constitution, 1 May 1853
Chile Republic of Chile Chilean peso CLP South America 472.248 1.Declared, 12 Feb.1818
2.Recognized, 25 April 1844
3.Current constitution, 11 Sep.1980
Colombia Republic of Colombia Colombian peso COP South America 1784.180 1.Declared, 20 July 1810
2.Recognized, 7 August 18193c.Current constitution, 4 July 1991
Cuba Republic of Cuba Cuban peso CUP North America 26.500 1.Declared, Oct.10 1868 from Spain
2.Republic declared, May 20,1902 from the U.S.
3.Cuban Revolution, Jan.1, 1959
Dominican Republic Republic of Cuba Dominican peso DOP North America 40.7299 1.from Spain, Dec.1, 1821
2.from Haiti, Feb.27,1844
3.from Spain, Aug.16, 1865
Mexico United Mexican States Mexican peso MXN North America 12.6875 1.Declared, Sep.16,1810
2.Recognized, Sep.27,1821
Philippines Republic of the Philippines Philippine peso PHP Asia 40.7299 1.Established, April 27,1565
2.Declared, June 12, 1898
3.Self-government, March 24,1934
4.Recognized, July 4,1946
5.Current constitution, Feb.2,1987
Uruguay Oriental Republic of Uruguay Uruguayan peso UYU South America 18.9999 Independence from the Empire of Brazil
1.Declaration, 25 August 1825
2.Recognition, 28 Aug. 1825
3.Constitution, 18 July 1830