And because of this hyperinflation, anyone who has saved up a vast amount of money in Venezuela has now discovered their savings and money are worth practically nothing.Įveryone in the country is trying to trade their Bolivars for USD (or other foreign currency), because the Bolivar is worthless even inside of Venezuela. In effect, the Bolivar is practically useless for international currency. Exchange Rate Archives by Month Representative Rates for Selected Currencies These rates, normally quoted as currency units per U.S. As of the writing of this article, it is currently at 136,582 per USD. Also in December 2016, the 100 Bolivar note, Venezuela’s largest denomination of currency at the time, was only worth about $0.023 USD on the black market.ĭolarToday publishes these black market figures (The Venezuelan government does not allow it within the country). Also in December 2016, the 100 Bolivar note, Venezuela’s largest denomination of currency at the time, was only worth about 0.023 USD on the black market. Compare this to December 1st, 2016 when it was (still severe) trading at 4,300 Bolivar per USD. On December 1st, 2017, the bolivar traded in the open market at about 103,000 Bolivar per USD.Ĭompare this to December 1st, 2016 when it was (still severe) trading at 4,300 Bolivar per USD. On December 1st, 2017, the bolivar traded in the open market at about 103,000 Bolivar per USD. In the open market, the Venezuelan currency trades for significantly higher. It can be devalued only by the banking systems in the country. The Dipro is controlled by the Venezuelan government and is used only to purchase essential goods abroad. The Dipro is the country’s official exchange rate system. If you want to know the USD-VEF rate today, compare the real, mid-market exchange rate with what you find on Google or Reuters to understand how much you are actually paying for your transfer. That means that you pay more than you need to.
#Venezuela currency compare to dollar free#
There are two principal markets we need to look at: the free market (black market) exchange rate, and the Dipro. Reak Exchange Rate Banks and other providers often set their own, unfriendly exchange rates. This means that their currency is worth significantly less when compared on the world stage, because their prices are skyrocketing so much that inflation metrics are practically meaningless. Hopefully, I can clear it up a bit.įirst off: Venezuela is currently suffering from hyperinflation. There seems to be a decent amount of confusion over the Venezuelan inflation, and particularly about how many bolivars you can get for a single USD.
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