On January 1, 2008 the national money, the Venezuelan Bolivar, went through a
currency change to the new Bolivar Fuerte which took three zeros from the old Bolivar. 

On Jan. 8, 2010 the Venezuelan government devalued the Bolivar "Fuerte" 100%,
from the official rate of BsF.2,15 to BsF.4,30 to US$1.
There are now 2 official rates - BsF.2,60 for imported food & medicine & BsF.4,3 for the rest.

On Jan. 1, 2011 the BsF.2,6 rate was eliminated so now all exchange will officially be BsF.4,3.

On Feb. 8, 2013 The Venezuelan government devalued the Bolivar from Bs.4,3 to Bs.6,3

In December, 2013 the government devalued the Bolivar for most things including tourists to Bs.11,3

Feb. 15, 2014 the Bolivar has again been devalued - tourist rate is Bs.11,7

April 12, 2014 the Bolivar is now officially Bs.10,0 to US$1

I will attempt to summarize in English from the information provided by Venezuela's Central Bank
how this will affect tourists and investors here in Venezuela.

The main principal of this process was to eliminate three zeroes, 000, from all current coins and bills.
As an example a Bs.50.000 bill will now be BsF.50.

The actual use of the Bolivar Fuerte started January 1, 2008.
On Friday night, Jan. 8, 2010 the government devalued the currency at it's official rate by 100%.
Time will tell how this will affect prices & exchange here in Venezuela from a consumer or tourist point of view.
As soon as things settle I will update this information.

UPDATE: May 18, 2010
Prices here in Margarita Island have risen about 27% in BsF. since Jan. 1
however the black market rate has increased in the same time period
so visitors to Venezuela will not see any dramatic changes.

UPDATE: Feb. 9, 2013
The black market rate has skyrocketed in the last 6 months and while some prices have
 risen as a result for foreign tourists prices are very low. A great time to enjoy your vacation in Margarita Island.

UPDATE: Dec.31, 2013
The black market rate is now 5x the official tourist rate.
The sun is shining & the ocean is warm.
Time to enjoy your inexpensive visit to Margarita!

UPDATE: Feb. 15, 2014
The black market rate is now 6x the official rate
We had dinner for 2 on the beach yesterday with drinks & tip for US$11

UPDATE: January 16, 2015
There is a new official exchange market called SICAD 2.
The rate is Bs.52,10 to US$1
Due to high street exchange rates for $$ prices remain inexpensive for tourists with US$.

UPDATE: February 19, 2015
The government has eliminated the Sicad 2 rate & created a new rate called SIMADI
It opened on Feb. 12, 2015 at a rate of Bs.170 to US$1

It's now around Bs.206 to US$1 (March, 2016)
This will be the rate for exchange houses for cash or TCs.
Also foreign credit card transactions will be at the new rate.
The black market still exists at much higher rates.

UPDATE: March 31, 2016
There are now 2 exchange rates in Venezuela.
DIPRO: Bs.10 to US$1 ONLY for imports of essential products like food & medicine
DICOM: Bs.270 to US$1 for most everything else including credit cards & exchange houses
The black market still exists at much higher rates.

UPDATE: May 28, 2016
DICOM - Bs.521 to US$1
This will be the rate for exchange houses to sell US$ cash.
You can't buy US$ cash.
Also foreign credit card transactions will be at the new rate.
The black market still exists at much higher rates.

Here is a breakdown of the new currency

BsF. 1 (un bolivar fuerte) (prev. Bs.1000) BsF 100 (cien bolívares fuerte)
BsF. 0,50 (cincuenta céntimos) (prev. Bs.500 BsF. 50 (cincuenta bolívares fuerte) prev. Bs.50.000
BsF. 0.25 (veinticinco céntimos) BsF. 20 (veinte bolívares fuerte) prev. Bs.20.000
BsF 0.125 (doce céntimos y medio) BsF. 10 (diez bolívares fuerte) prev. Bs.10.000
BsF. 0.10 (diez céntimos) (prev. Bs.100) BsF. 5 (cinco bolívares fuerte) prev. Bs.5.000
BsF 0.05 (cinco céntimos) (prev. Bs.50) BsF. 2 (dos bolívares fuerte) prev. Bs.2.000
BsF. 0.01 (un céntimos)  

For Images of the new Bolivar Fuerte CLICK HERE!

If you have money in Bolivars in a Venezuelan bank it was automatically changed into Bolívares Fuerte on January 1, 2008.
If you have regular Bolivars left over from a previous trip you can readily change them into Bolívares Fuerte at any bank.
If you have an existing contract, say for apartment rental, etc., in regular Bolivars then it was automatically changed to Bolívares Fuerte starting on January 1, 2008.

Any tourist visiting Margarita Island in 2016 will not be affected by this change.
The money you will receive when you change your dollars, etc will be the new currency.
The official exchange rate of Bs.2150 to US$1 simply changed to Bs.F. 2,15 to US$1.
This has now changed to BsF.4,3 to US$1 as of Jan. 1, 2011
This has now changed to Bs.6,3 to US$1 as of Feb. 8, 2013
This has now changed to Bs.11,3 to US$1 as of late December, 2014
This has now changed to Bs.12,0 (Sicad 1) & Bs.52,10 (Sicad 2) on January 16, 2015
This has now changed to Bs.206 (SIMADI) March, 2016
This has now changed to Bs.521 (DICOM) May 28, 2016

If anyone has any questions or doubts about these changes just send me an e-mail and I will try & answer them.

Margarita Tropical Villa Pool
Margarita Tropical Villa bed and breakfast (posada), Playa el Agua, Margarita Island, Venezuela
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