VEB (Venezuelan Bolivar)

AAA

DEFINITION of 'VEB (Venezuelan Bolivar)'

The currency abbreviation for the Venezuelan bolivar (VEB), the currency for Venezuela from 1879 to January 2008. The Venezuelan bolivar was made up of 100 céntimos and was presented with the symbol Bs. The Venezuelan bolivar was replaced with the bolivar fuerte (VEF) at a rate of 1000:1 because the bolivar was so devalued due to inflation. Bolivar fuerte is translated in English as "strong bolivar."

INVESTOPEDIA EXPLAINS 'VEB (Venezuelan Bolivar)'

Initially based on the silver standard (1 bolivar = 4.5 grams (0.1575 ounces) of fine silver) until 1910 when the gold standard came into operation. In 1934, the bolivar became fixed to the U.S. dollar at a rate of 3.914 bolivar to 1 U.S. dollar. The currency remained very stable (when compared to others in the region) until the 1970s, when rampant inflation began to erode its value.

RELATED TERMS
  1. Forex Futures

    An exchange-traded contract to buy or sell a specified amount ...
  2. Authorized Forex Dealer

    Any type of financial institution that has received authorization ...
  3. Currency

    A generally accepted form of money, including coins and paper ...
  4. Forex - FX

    The market in which currencies are traded. The forex market is ...
  5. Quote Currency

    The second currency quoted in a currency pair in forex. In a ...
  6. Base Currency

    The first currency quoted in a currency pair on forex. It is ...
Related Articles
  1. A Primer On The Forex Market
    Options & Futures

    A Primer On The Forex Market

  2. Currency Exchange: Floating Rate Vs. ...
    Forex Education

    Currency Exchange: Floating Rate Vs. ...

  3. Dollarization Explained
    Forex Education

    Dollarization Explained

  4. 6 Factors That Influence Exchange Rates
    Bonds & Fixed Income

    6 Factors That Influence Exchange Rates

comments powered by Disqus
Hot Definitions
  1. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
  2. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  3. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  4. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  5. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  6. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
Trading Center