The Venezuelan Bolívar Soberano (VES) was introduced in August 2018 as part of a broader government initiative to address the hyperinflation crisis crippling the nation’s economy. An intriguing aspect of its introduction was the removal of five zeroes from its predecessor, the Bolívar Fuerte (VEF), which itself had replaced the original Bolívar in 2008. The Bolívar Soberano name means “sovereign bolívar,” symbolizing an attempt to restore Venezuela’s economic independence; however, it remains a testament to the country’s ongoing financial challenges.

Historically, the Bolívar was one of Latin America’s most stable currencies for over a century until the economic instability took hold in the late 20th century. Despite being a symbol of national identity, the Bolívar’s evolution reflects the complex socio-economic changes Venezuela has faced. In recent times, the rise of digital transactions and the parallel use of foreign currencies within the country have further emphasized the shifting landscape of Venezuela’s monetary system.