The Venezuelan Central Bank (BCV) has redenominated its currency several times since 2008. These efforts were aimed at resolving the country’s economic problems, including hyperinflation. See how Venezuelan banknotes have evolved and where things stand in 2024.

2008-2018: In an attempt to save Venezuela’s failing economy, the BCV deleted three zeroes from its banknote denominations (Bolívares) in 2008 and another five zeroes in 2018. Neither of those redenomination efforts were enough to resolve the country’s economic woes. Those banknotes—Bolívares and Bolívares (Fuertes)—are no longer in circulation.

 

2021: Venezuela deleted six zeroes from its banknotes

In 2021 the BCV deleted six zeroes from its national currency, the Bolívar (Soberanos), to create the Bolívar (Digital). One Bolívar (Digital) is equal to one million Bolívares (Soberanos). The switch to Bolívar (Digital was an effort to make the currency more user-friendly and to simplify financial transactions. But the most pressing reason for “redenominating” the Bolívar was Venezuela’s economy, which has been declining for years due to hyperinflation. The economic collapse was attributed to the drop in the international price of oil (Venezuela’s top export), strong U.S. sanctions, and financial mismanagement.

2024: A mix of Bolívares (Soberanos) and Bolívares (Digitales) are in circulation

Today, Venezuela has two series of banknotes, and several denominations, in circulation: 1.000 and 500 Bolívares (Soberanos) and 5, 10, 20, 50, 100, 200, and 500 Bolívares (Digitales). Of these, the 200 and 500 Bolívar (Digital) are the latest denominations.

 

Venezuelan Banknotes in Circulation Today

Bolívares (Soberanos)

 

Bolívares (Digitales)

 
The US dollar is the primary form of payment

Many economists believe Venezuela’s redenomination efforts will make little difference on a practical level, since the US dollar is the primary means of payment in the country. In fact, nearly all products in Venezuelan stores are currently priced in dollars. The Bolivar is used almost exclusively for digital transactions, bus fare, parking, and tips. Venezuelan workers are generally paid in Bolívar.

Sources:

  • Venezuelan Central Bank
  • Bloomberg
  • Volkskrant News (the Netherlands) 

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