bolívar fuerte

bolívar fuerte, monetary unit of Venezuela. Each bolívar fuerte is divided into 100 céntimos (cents). The bolívar fuerte (the equivalent of 1,000 bolivares) was introduced in 2008 in an attempt to curb high inflation and simplify financial transactions. It replaced the bolívar, which had been adopted as Venezuela’s monetary unit in 1879. Prior to 1879, independent Venezuela used three separate currencies: the escudo, the peso, and the venezolano.

The Central Bank of Venezuela has the exclusive authority to issue currency, though private banks could issue currency prior to the 1940s. Coins are issued in denominations ranging from 1 céntimo to 1 bolívar fuerte. Banknotes range in amounts from 2 to 100 bolívares fuertes. The bolívar fuerte banknotes feature images of leading figures in Venezuelan history, including individuals of indigenous and African descent and, for the first time in the history of Venezuelan currency, a woman: Luisa Cáceres de Arismendi, who appears on the 20-bolívar fuerte note. Her support for her husband, military leader Juan Bautista Arismendi, during Venezuela’s war for independence made her a national hero. The 10-bolívar fuerte note depicts Guaicaipuro, an Indian chief who resisted European occupation in the mid-16th century. Simón Bolívar, a 19th-century soldier who led revolutions against Spanish rule in South America and from whom the currency’s name is derived, appears on the 100-bolívar fuerte note. The reverse side of the banknotes is adorned with an image of an endangered animal that is immersed in one of the country’s varied natural landscapes. The 1-bolívar fuerte coin contains an image of Bolívar on the obverse and the national coat of arms on the reverse; other coins bear a design approved by the board of directors of the Central Bank of Venezuela.