What Is Venezuelan Currency Called?


Quick Answer

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.

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What Is Venezuelan Currency Called?
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Full Answer

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.

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