The bolivar was introduced as a national currency unit on June 20, 1910, and it equalled the golden french franc. The name
of the currency unit was given after the national hero - Bolivar.
Multiple exchange rate system was used since 1964, it existed until 1984. Now the bolivar's rate is in free floatation.
In 2007 the re-denomination took place, at 1000:1 ratio. 1 bolivar (fuerte, or "hard") equals 100 centimos.
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