Venezuelan Bolívar (VEF) Profile

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. 

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.