Bolivar

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Bolivar

The currency of Venezuela. It came into circulation in 1879. While it was originally pegged to the French franc, it has been pegged to the U.S. dollar for much of its history. Since the 1970s, it has suffered from a high rate of inflation. It is named for Simon Bolivar, the controversial revolutionary who liberated much of South America from Spain.
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References in periodicals archive ?
The Venezuelan bolivar has lost about 30% of its value since the onset of a widespread national strike on December 2, 2002.
By contrast, the Venezuelan Bolivar was overvalued at 696.25 to the dollar.
[ClickPress, Thu Dec 12 2013] The Venezuelan commercial real estate sector is set for further turbulence in 2014 with pockets of sharp growth in rental rates expected across the country due to the devaluation of the Venezuelan bolivar. Increasing numbers of Venezuelan nationals are investing in property in neighbouring countries such as the US in order to achieve greater secturity.
The two currencies mentioned most frequently as impacting earnings last quarter were the yen and the Venezuelan bolivar. Eighty-nine companies reported negative impacts from the yen, and 43 reported negative impacts from Latin American currencies, while only 25 reported negative impacts from the euro.
With the latest move which is aimed to "minimise expenditure and maximise result", the Venezuelan bolivar will go from 4.3 to 6.3 to the dollar at the official exchange rate.
After a sharp devaluation in January, the official rate for the Venezuelan bolivar stands at 4.3 to $1, while the parallel rate hovers around 6 bolivars for each dollar.
Inflation shot up more than 25%, the highest rate in Latin America, leading the government last month to devalue the Venezuelan Bolivar for the first time since 2005.