Venezuelan Bolívar
a.k.a. VES, VED, VEF, Bolivar
Venezuela's currency, destroyed by hyperinflation and redenominated several times.
In plain English
Venezuela's currency, destroyed by hyperinflation and redenominated several times.
The Venezuelan bolívar is a cautionary tale. Collapsing oil output, money printing and price controls led to hyperinflation in the late 2010s, with prices at one point rising by millions of percent a year. Venezuela chopped zeros off the currency repeatedly: the VEF bolívar fuerte was replaced in 2018 (VES), and again in 2021 (VED).
Most Venezuelans turned to US dollars for everyday life. The story shows what happens when a central bank loses all credibility.
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