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The digital bolívar did not replace the sovereign bolívar, since sovereign bolívar banknotes continued to be accepted at a ratio of 1 million to 1. [62] For example, the Bs.S 500,000 banknote is worth 0.50 digital bolívars, an amount which can also be referred to as 50 céntimos of a digital bolívar. [61]
The Bolívar fuerte (ISO 4217 code: VEF; Bs.F) replaced the bolívar on January 1, 2008 at 1 bolívar fuerte for 1000 old bolívares, and old notes ceased to be legal tender on January 1, 2009. In preparation for the conversion, all prices were expressed in both bolívars and bolívars fuertes from October 1, 2007.
On 22 March 2018, President Maduro announced a new monetary reform, in which the bolívar would once again be revalued at a ratio of 1 to 1,000, making the new bolívar equal to one million pre-2008 bolívares. [186] The currency was renamed as the bolívar soberano ("sovereign bolívar").
On 22 March 2018, President Nicolás Maduro announced a new monetary reform, in which the bolívar would once again be revalued at a ratio of 1 to 1,000, making the new bolívar equal to one million pre-2008 bolívares. [129] The currency was renamed as the bolívar soberano ("sovereign bolívar"). New coins in denominations of 50 céntimos and ...
Under the country's official fixed exchange rate to the US dollar the new currency was devalued by roughly 95% compared to the old hard bolivar. [29] The day was declared a bank holiday to allow the banks to adjust to the new currency. [30] Initially, during a transition period the sovereign bolívar was to be run alongside the hard bolívar. [31]
Although $1 million may seem like a lot of money, unfortunately, it doesn't stretch as far as it used to. But, if you're a frugal spender, it may be just enough to buy everything you've always wanted.
The Bolivian sol from 1827 to 1864, replacing the Spanish real at par. 16 soles were equal to 1 Bolivian escudo, and 8 soles were equal to 1 boliviano. The first boliviano from 1864 to 1963, worth eight soles and divided into 100 centécimos (later centavos). The name bolivar was used for an amount of ten bolivianos.
In 2008, the Chávez government revalued the Venezuela currency by a ratio of 1:1000, thus creating a new currency known as the bolívar fuerte (Eng.: "bolivar") but kept the currency pegged to a higher rate against the dollar than the market value. Since 2003, this has created a scarcity of foreign currency, as confidence in the bolivar ...