What Is Venezuelan Currency Called?

venezuelan-currency-called Credit: De Agostini / A. Dagli Orti/De Agostini Picture Library/Getty Images

According to the Currency Encyclopedia, Venezuelan currency is called a Bolivar. Its nicknames are bolo(s) and luca(s) and signified by the currency code VEF and the currency symbol Bs.

As of 2014, the current exchange rate of one Venezuelan Bolivar to one American Dollar is about 16 cents and the inverse rate is about $6. In addition, Venezuela's currency has the largest gain on Chile since one Venezuelan Bolivar equals 87 Chilean Pesos.

As of January 2010, the Venezuelan government created a two-tiered exchange rate system whereby imports of "non-essential" items receive 4.3 Bolivars per dollar and 2.6 Bolivars per dollar for "essential items." These rates are set and controlled by Venezuela's central bank.