Venezuelan Bolívar (2008–2018)

The national currency of Venezuela is the Venezuelan bolívar (VEF). The bolívar was first introduced in 1879, when it replaced the Venezuelan real at a rate of 5 bolívares to 1 real. The bolívar was named after Venezuelan independence leader Simón Bolívar. The bolívar was pegged to the U.S. dollar at a rate of 1 bolívar = 1 dollar from 1908 until 1960, when the peg was changed to 1 bolívar = 2.15 dollars. In 1963, the peg was changed again to 1 bolívar = 4 dollars. The bolívar was devalued in 1983 to 1 bolívar = 6.3 dollars, and again in 1988 to 1 bolívar = 12.5 dollars. The bolívar was devalued again in 1996 to 1 bolívar = 170,000 bolívares. The bolívar was revalued in 1998 to 1 bolívar = 1,000 bolívares. The bolívar was devalued again in 2002 to 1 bolívar = 2,150 bolívares. The bolívar was devalued again in 2010 to 1 bolívar = 4,290 bolívares. The bolívar was devalued again in 2013 to 1 bolívar = 6.3 bolívares. The bolívar was devalued again in 2016 to 1 bolívar = 10,000 bolívares. The bolívar was devalued again in 2018 to 1 bolívar = 100,000 bolívares. The bolívar is currently pegged to the U.S. dollar at a rate of 1 bolívar = 1 dollar.