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Exchange rates for the US dollar in the Bolivarian Republic of Venezuela / official exchange rate * / USD 1 = VEF ... (buying) / up to 2015

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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.USD.CA.AA.B04
Unit VEF
Dimension one
Timespan from 2010 to 2015
Last update 20.09.2023 12:51:24 PM
   
General * Known as official exchange rate II until the end of 2010. A multiple exchange rate system was introduced on 11 January 2010. Exchange rate application from 11 January to 31 December 2010 Official exchange rate I (see BBEX3:A:VEF:USD:CA:AA:A04): 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: 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. However, in addition to the regulated purchase of foreign currency via the official market under an approval procedure, a parallel market (SITME - Sistema de Transacciones con Titulos en Moneda Extranjera) existed until 8 February 2013. Those who were not taken into consideration in the official market could acquire foreign currency in the SITME via the limited purchase of government dollar-denominated bonds and their sale abroad. From the beginning of 2011 to 8 February 2013, the exchange rate remained unchanged at USD 1 = VEF 5.30. On 9 February 2013, the bolívar was devalued. From 25 March 2013, registered importers of important goods who have not been allocated foreign exchange on the official market have had the opportunity to get limited foreign exchange through foreign exchange auctions (SICAD - Sistema Complementario de Administración de Divisas). After the first auction at the end of March 2013, when - according to press reports - the exchange rate stood at USD 1 = VEF 13.10, the auction process was modified in July 2013 and the group of participants was extended to include registered domestic households. In addition, the alternative forex trading system SICAD II (Sistema Cambiario Alternativo de Divisas - BBEX3:A:VEF:USD:CA:AA:B07) was introduced on 24 March 2014. However, it was replaced by the forex trading system SIMADI (Sistema Marginal de Divisas - BBEX3:A:VEF:USD:CA:AA:B11) with effect from 12 February 2015. Exchange rate application from 24 March 2014 to 9 March 2016 Official exchange rate For debt service payments by public-sector entities and for authorised transactions. SIMADI (up to 11 February 2015: SICAD II) For the purchase of foreign exchange by natural and legal persons, eg in the form of foreign notes and coins and currency cheques (including traveller's cheques) and for the sale of foreign currency to domestic households and importers in the form of foreign notes and coins as well as traveller's cheques or for credit transfers. SICAD (BBEX3:A:VEF:USD:CA:AC:B08) For the purchase of foreign currency by registered importers and registered domestic households (eg for university studies abroad and for health, sports and culture-related purposes). The exchange rate regime was once more modified with effect from 10 March 2016. A new system of foreign exchange controls came into force, replacing the previous system which was made up of the official market, the auction procedure SICAD and the forex trading system SIMADI. The new system consisted of two exchange rates: one fixed by the state (DIPRO, see BBEX3:A:VEF:USD:CA:AA:B13) and a complementary exchange rate (DICOM, see BBEX3:A:VEF:USD:CA:AA:B11), which was a controlled fluctuating rate. Alongside the official, published exchange rate, there was a considerably different, black market rate according to financial information providers.
Methodology Calculated on the basis of month-end rates.
Source Banco Central de Venezuela, Caracas
   
Comment on 2013 On 9 February 2013, the fixed exchange rates (buying/selling) between the bolívar and the US dollar of USD 1 = VEF 4.2893 / 4.3000 were changed to USD 1 = VEF 6.2842 / 6.3000; this corresponds to a depreciation of the bolívar vis-á-vis the US dollar of 31.7%.
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; on the basis of the exchange rates (buying/selling) before (USD 1 = VEF 2.1446 / 2.1500) and after the introduction of the multiple system (USD 1 = VEF 4.2893 / 4.3000), the devaluation for official exchange rate II was 50.0%. Average for official exchange rate I see BBEX3:A:VEF:USD:CA:AA:A04.
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