![]() The rampant inflation prompted two redenominations. From 2016 to 2019 and again in 2020, the currency experienced hyperinflation for a total period of 38 months. The central bank stuck to the pegged subsidised exchange rate until January 2018, which was overpriced so people began using parallel exchange rates despite a ban on publishing them. Venezuela entered another period of abnormally high inflation in 2012, which the country has not exited as of April 2023. The value of the hard bolívar, pegged to the US dollar, did not stay stable for long despite attempts to institute capital controls. ![]() is due to the first and the final letters of the plural form of the currency's name, bolívares). It was then, on 1 January 2008, that the hard bolívar ( bolívar fuerte in Spanish, sign: Bs.F, code: VEF) replaced the original bolívar ( sign: Bs code: VEB) at a rate of Bs.F 1 to Bs. 1,000 (the abbreviation Bs. The depreciation became manageable in the mid-2000s, but it still stayed in double digits. Since 1983, the currency has experienced a prolonged period of high inflation, losing value almost 500-fold against the US dollar in the process. Due to its decades-long reliance on silver and gold standards, and then on a peg to the United States dollar, it was considered among the most stable currencies and was internationally accepted until 1964, when the government decided to adopt a floating exchange rate instead. Named after the hero of Latin American independence Simón Bolívar, it was introduced following the monetary reform in 1879, before which the venezolano was circulating. The bolívar is the official currency of Venezuela. "List Three: Codes for historic denominations of currencies and funds" (XLS)."List Two: Fund codes registered with the Maintenance Agency" (XLS)."List One: Currency, fund and precious metal codes" (XLS). ![]() "Data Standards, ISO 4217 - Currency Code Maintenance: Get the Correct Currency Code".
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