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Exchange rates for the euro in the Bolivarian Republic of Venezuela / official exchange rate I / EUR 1 = VEF ... (selling) / up to 2010

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  5. VEF Bolívar (Venezuela, Bolivarian Republic of) / historical
CSV SDMX-ML 2.0 SDMX-ML 2.1
Time series key BBEX3.A.VEF.EUR.CA.AB.A04
Unit VEF
Dimension one
Timespan from 2008 to 2010
Last update 20.09.2023 12:51:24 PM
   
General Currency conversion with effect from 1 January 2008 at a rate of 1,000 bolívares = 1 bolívar fuerte; banknotes and coins denominated in (old) bolívares remained legal tender at this rate until the end of 2011. A multiple exchange rate system was introduced on 11 January 2010. Use of exchange rates from 11 January to 31 December 2010: Official exchange rate I: for certain capital inflows and public-sector debt service payments (excluding the oil sector); for unrequited transfers (including pension and benefit payments abroad and foreign currency transactions by diplomatic missions) as well as for imports of important consumer and producer goods. Official exchange rate II (see BBEX3:A:VEF:EUR:CA:AB:B04): for almost all other public and private sector foreign exchange transactions (including export revenue from oil deliveries). In addition, various transactions (eg servicing of private external debt) were carried out using an exchange rate stipulated by the national government and the Venezuelan central bank. On 1 January 2011, the official exchange rates I and II were standardised on the basis of the second exchange rate.
Methodology Calculated on the basis of reporting date rates (generally one rate per week).
Source Banco Central de Venezuela, Caracas
   
Comment on 2010 On 11 January 2010, a multiple exchange rate system was introduced; on the basis of the exchange rates (buying/selling) on 8 January 2010 (EUR 1 = VEF 3.0916554 / 3.0996550) and on 11 January 2010 (EUR 1 = VEF 3.7667994 / 3.7770200), the devaluation for official exchange rate I was 17.9%. Average for official exchange rate II, see BBEX3:A:VEF:EUR:CA:AB:B04.
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