What Currency Does Venezuela Use?

What Currency Does Venezuela Use?

If you’re trying to understand venezuela currency, the simple answer is: Venezuela’s official money is the Venezuelan bolívar (currency code VES, commonly written as Bs.).

But the answer is more nuanced. Because Venezuela has dealt with years of high inflation, currency devaluations, and shifting exchange-rate conditions, people and businesses often operate in a mixed-currency reality where bolívars, U.S. dollars, and even dollar‑pegged crypto (stablecoins) can all play a role, depending on the situation.

In this article, we’ll explore what currency does Venezuela use, how venezuela currency works today, why the bolívar has changed so much over time, and what the forex outlook looks like heading into 2026.

What Is the Official Venezuela Currency?

The bolívar has been Venezuela’s official currency for over a century. Introduced in 1879, it was named after Simón Bolívar, a key figure in Latin America’s independence movement. For most of the 20th century, the bolívar was relatively stable, pegged to the US dollar and backed by gold.

However, the 21st century brought economic turmoil, particularly after the early 1980s. This led to numerous devaluations and even redenominations of the bolívar, culminating in what we know today as the bolívar soberano (VES), introduced in 2018.

Despite these attempts to stabilise the currency, Venezuela has experienced a prolonged period of hyperinflation. Inflation reached unprecedented levels, and the bolívar’s purchasing power was decimated.

In fact, by 2018, the country was facing inflation rates of more than 1 million percent annually. This reality forced the government to issue new bolívars in attempts to keep up with the ever-decreasing value.

To cope with the economic chaos, Venezuela reintroduced the bolívar soberano in a series of redenominations, cutting five zeros off the currency’s value.

Why the Bolívar Lost So Much Value

The bolívar’s long-running challenges are mostly tied to inflation and the availability of hard currency (especially U.S. dollars). When inflation is very high, a local currency tends to lose purchasing power quickly, which then pushes more people to seek safer alternatives for saving and pricing.

A useful “big picture” indicator comes from the IMF’s country data for Venezuela, which shows extremely high projected inflation: 2026 projected consumer price inflation is 682.1%, alongside 2026 projected real GDP change of -3.0%.

Even without diving into technical economics, this matters for ordinary life because high inflation typically means:

• prices change frequently,
• the exchange rate becomes volatile,
• people prefer holding value in something more stable than cash bolívars.

What Currency Does Venezuela Use in Daily Life?

While the bolívar is still the official currency in Venezuela, it is far from the most commonly used one. The US dollar has become the de facto currency for many transactions, particularly in larger cities and for big-ticket items.

Due to the persistent devaluation of the bolívar, many Venezuelans prefer to keep their savings in US dollars, which hold much more stability in comparison.

The government itself has even shifted towards using dollars for certain financial transactions, particularly in the formal economy. It’s not uncommon for businesses, especially larger ones, to price goods in dollars. Additionally, stablecoins, such as USDT (Tether) and USDC, have seen increasing use for digital transactions.

These cryptocurrencies, which are pegged to the US dollar, offer a viable alternative to the bolívar, providing Venezuelans with a way to protect their money from inflation while also having access to international financial systems.

Official vs Parallel Exchange Rates

One of the key features of Venezuela’s economic landscape is the parallel exchange rate, also known as the black market rate. The official exchange rate, set by the Central Bank of Venezuela, is often far from the actual value of the bolívar in the market.

The parallel market is where most Venezuelans exchange bolívars for dollars. It operates in a different style, often showing a significantly higher rate than the official one.

For example, the official rate of the bolívar to the US dollar in January 2026 was around 301.37 VES per USD. However, in the informal market, this rate could be significantly higher. This discrepancy has made it incredibly difficult for most Venezuelans to access dollars through official channels, pushing them to rely on the parallel market, where rates fluctuate and can be difficult to predict.

The Rise of the Dollar and Digital Currencies

Because of the bolívar’s constant devaluation, many Venezuelans have turned to foreign currencies, primarily US dollars, for everyday transactions. In fact, as of 2026, many businesses in Venezuela price their goods and services in dollars, especially in more urban areas.

Some estimates suggest that over 60% of all retail transactions in Venezuela are now conducted in US dollars. The dollarisation of the economy is not just limited to cash payments. Credit card transactions in dollars are also widely accepted.

Beyond the dollar, cryptocurrencies such as Bitcoin and stablecoins have gained popularity. These digital assets provide Venezuelans with a way to safeguard their wealth without being subject to the bolívar’s extreme inflation. In response to restrictions on foreign exchange and remittances, stablecoins like USDT (Tether) have seen a huge rise in usage, as they offer a way to hold value in a more stable form.

Venezuela Currency in Forex

When people ask about venezuela currency in forex, they’re usually asking one of two things:

1. What is the USD/VES exchange rate right now?
2. Is the bolívar actively tradeable like major forex pairs?

Current USD/VES level

According to Trading Economics, the USD/VES exchange rate was about 377.9851 on February 6, 2026, and the site notes the bolívar weakened significantly over the prior month. Investing.com also listed the USD/VES around the same level.

Is VES a normal “forex trading” currency?

In many countries, retail forex traders can buy and sell currency pairs freely through deep, liquid markets. With Venezuela, things are typically more complicated because:

• access to foreign currency can be policy-driven,
• exchange mechanisms may change,
• and the rate people actually get can vary by channel (official vs informal vs bank programs).

So while you can track USD/VES like a forex pair, the lived reality of converting bolívars to dollars can be shaped heavily by availability and rules, more than by pure market liquidity.

Conclusion

To fully understand venezuela currency, you have to understand that the bolívar (VES) is the official currency, yet the daily economy often relies on dollar pricing and, in some channels, stablecoin “digital dollars.”

Looking ahead, the bolívar’s forex direction in 2026 will likely be driven by the same fundamentals it has been for years of inflation, dollar inflows, and access to exchange mechanisms.

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