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
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
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
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
risen as a result for foreign tourists prices are very low. A great time to
enjoy your vacation in Margarita Island.
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 6.8x the official rate
We had dinner for 2 on the beach yesterday with drinks & tip for US$11
Here is a breakdown of the new
|BsF. 1 (un bolivar fuerte) (prev. Bs.1000)
||BsF 100 (cien
(cincuenta céntimos) (prev. Bs.500
(cincuenta bolívares fuerte) prev. Bs.50.000
(veinte bolívares fuerte) prev. Bs.20.000
(doce céntimos y medio)
||BsF. 10 (diez
bolívares fuerte) prev. Bs.10.000
(diez céntimos) (prev. Bs.100)
||BsF. 5 (cinco
bolívares fuerte) prev. Bs.5.000
(cinco céntimos) (prev. Bs.50)
||BsF. 2 (dos
bolívares fuerte) prev. Bs.2.000
|BsF. 0.01 (un
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 2013 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
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.11,7 on Feb. 15, 2014
The black market rate also adjusted with 3 zeroes less.
If anyone has any questions or
doubts about these changes just send me an e-mail and I will try & answer them.