The original name of Venezuelan currency is Bolivarian. Since June 5438+1 October12008, Venezuela has implemented currency reform and issued a new currency, bolívar fuerte, which means "making Bolivia strong, making the economy strong and making the country rich and strong".
The exchange rate between the powerful Bolivar and Bolivar is 1: 1000. Currency number: VEF. The denominations of banknotes are 2 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan and 100 respectively, and the denominations of coins are 1 yuan, 5 yuan, 10 yuan, 12.5 yuan, 25 yuan, 50 yuan and/kloc-0 respectively.
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On February 13, 2065438, the Venezuelan government devalued its currency Bolivarian against the US dollar by 32%. This is because Venezuela's oil exports are all denominated in dollars. The devaluation of Bolivarian will help to increase government revenue and reduce the deficit.
Analysts pointed out that the devaluation of the local currency is not only not conducive to solving the budget shortage problem, but also unable to balance the exchange rate, resulting in higher inflation. Such a large government deficit is also closely related to the socialist reform that Chavez has adhered to since he took office 14 years ago.
Huge oil revenues no longer flow into private accounts in the United States or Cayman Islands, but are used on a large scale to build and care for low-and middle-income groups. Venezuelan people can buy the cheapest oil in the world. This is the long-term emptiness of the national treasury caused by the state paying the bill. Last year's 10 general election, uncontrolled expenditure pushed up the fiscal deficit. The fiscal deficit in 20 12 accounts for 8.5% of GDP.