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Exchange rates for the US dollar in the Bolivarian Republic of Venezuela / official exchange rate I / USD 1 = VEF ... (middle) / up to 2010

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  1. Exchange rates, euro foreign exchange reference rates, gold prices
  2. Exchange rates in individual countries
  3. Yearly average
  4. USD US dollar
  5. VEF Bolívar (Venezuela, Bolivarian Republic of) / historical
CSV SDMX-ML 2.0 SDMX-ML 2.1
Time series key BBEX3.A.VEF.USD.CA.AC.A04
Unit VEF
Dimension one
Timespan from 2008 to 2010
Last update 20.09.2023 12:51:25 PM
   
General The bolívar is pegged to the US dollar. 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:USD:CA:AC: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 month-end buying and selling rates.
Source Banco Central de Venezuela, Caracas
   
Comment on 2010 On 11 January 2010, a multiple exchange rate system was introduced and the fixed exchange rate with the US dollar was changed. The devaluation for exchange rate I was 17.3%. Average for official exchange rate II see BBEX3:A:VEF:USD:CA:AC:B04.
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