What Currency Is Used in Venezuela?


Quick Answer

According to XE.com, the currency of Venezuela is the bolivar, which come in denominations of 2, 5, 10, 20, 50 and 100. Coins come in denominations of 10 centimos, 25 centimos and 50 centimos. Each Bolivar can be subdivided into 100 centimos.

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What Currency Is Used in Venezuela?
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Full Answer

The bolivar is unique because it has two different exchange rates, explains XE.com. Imports that are designated "inessential" have a higher exchange rate than "essential" imports. Food, health care supplies, educational items, technology, cultural goods and payments to assist citizens with their pensions or the cost of schooling are all designated essential and exchanged at the lower rate.

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