Exploring Bolivia: The Many Ways To Say 'Money

The official currency of Bolivia is the Bolivian boliviano, often shortened to just boliviano and abbreviated as BOB. The currency is issued and managed by Bolivia's central bank, the Banco Central de Bolivia, which offers the currency in both coin and banknote form. One boliviano is made up of 100 subunits called centavos. The boliviano is a very stable currency, with the central bank maintaining a foreign currency value of 6.9 bolivianos per US dollar since 2012.

The official currency of Bolivia is the Boliviano, often written as Bs or BOB

The Boliviano is made up of 100 subunits called centavos. It is issued and managed by Bolivia's central bank, the Banco Central de Bolivia, which releases the currency in both coin and banknote form. The coins are available in denominations of 10, 20, and 50 centavos, as well as larger coins valued at one, two, and five Bolivianos. The banknotes come in denominations of 10, 20, 50, 100, and 200 Bolivianos.

The current version of the currency, the second Boliviano, was introduced in 1987, replacing the peso boliviano. The first Boliviano was in use between 1864 and 1963, after which it was replaced due to inflationary pressures. The second Boliviano was introduced at a rate of 1 Boliviano = 1,000,000 peso bolivianos. Since its introduction, the central bank has allowed the Boliviano to float freely against other currencies, and the government has targeted inflation through economic policies.

Bolivia is a cash-focused economy, and while cards and internet payments are accepted at many tourist attractions, locals primarily use Boliviano coins and banknotes for transactions. When visiting less touristic areas, it is recommended to carry local currency in cash. Additionally, it is worth noting that Bolivia is not as advanced as some countries in terms of banking, payments, and currency exchange, so it is important to be prepared and informed about the local currency and exchange options.

The Boliviano is divided into 100 centavos or cents

The official currency of Bolivia is the Boliviano, often denoted by the symbol Bs and with the ISO currency code BOB. The Boliviano is divided into 100 subunits called centavos or cents.

Boliviano coins are available in denominations of 10, 20, and 50 centavos. There are also larger coins valued at one, two, and five Bolivianos in use. Banknotes are available in denominations of 10, 20, 50, 100, and 200 Bolivianos.

The current version of the Boliviano was introduced in 1987, but previous versions of the currency have existed since 1864. The name "Boliviano" was used for the currency of Bolivia between 1864 and 1963. The first Boliviano was worth eight soles and was also divided into 100 centavos.

In 1963, the Boliviano was replaced by the peso boliviano due to inflationary pressures. The peso boliviano was also divided into 100 centavos. However, due to continued inflation, the peso boliviano was replaced by the modern Boliviano in 1987. The exchange rate at the time was one million peso bolivianos per Boliviano.

Bolivia's economy has grown steadily over the years, with its per-capita GDP increasing from approximately $4,800 in 2008 to over $9,000 in 2023. The Boliviano has remained stable, with a fixed exchange rate of 6.9 Bolivianos per US dollar since 2012.

The current form of the Boliviano emerged in 1987, but previous versions of the currency have existed since 1864

The official currency of Bolivia is the boliviano (BOB). The current form of the currency emerged in 1987, but Bolivia has had a currency called the boliviano since 1864.

The first boliviano was introduced in 1864 and was equivalent to eight soles or half a scudo in the ex-currency. It was subdivided into 100 centécimos, which were changed to centavos in 1870. The amount of ten bolivianos was called a bolivar. The boliviano was initially pegged at a rate of one boliviano to five French francs. On 31 December 1908, the currency was put on a new gold standard, with 12.5 bolivianos equal to one British pound.

In 1940, the Bolivian government began to accept multiple exchange rates to the US dollar, but the boliviano continued to drop in value. By 1963, the boliviano had depreciated significantly, prompting the government to replace it with a new currency, the peso boliviano (BOP), at a rate of one thousand to one. The peso boliviano was worth 11,875 to the US dollar in 1962, but inflation soon returned. The currency was devalued several times between 1972 and 1982, and by September 1985, the US dollar was worth a million peso bolivianos on the black market.

In November 1986, a new monetary unit, the boliviano, was created by Law No. 901. A currency reform was announced on 30 December 1986, effective from 1 January 1987. This new boliviano replaced the peso boliviano at a rate of one boliviano to one million peso bolivianos. The new currency was roughly equivalent to one US dollar.

The best way to get Bolivianos is to exchange US dollars at a casa de cambio (exchange agency) or with street money-changers

The official currency of Bolivia is the Boliviano, denoted by Bs or BOB. It's a good idea to arrive in Bolivia with some cash in US dollars, as it's the only foreign currency that is widely accepted and easily exchanged.

When exchanging money, ask for a mix of larger bills and smaller coins. Many small stores and village businesses in Bolivia won't accept large denominations. Make sure your US bills are crisp and new, as old ones are inspected and almost always rejected. Damaged or ripped bills will not be accepted.

ATMs are available in major cities and towns in Bolivia, but they may offer less favourable exchange rates than exchange agencies. It's a good idea to bring at least two types of credit card in case one is not accepted.

When exchanging money, make sure your US dollar bills are new and crisp as old notes are often rejected

When exchanging money in Bolivia, it is important to ensure that your US dollar bills are new and crisp as old notes are often rejected. This is because Bolivia is not as advanced as other countries in terms of banking and currency exchange, and the banks will not accept worn or torn notes. While you may be surprised by the condition of some of the local Boliviano notes, it is crucial to remember that any US dollar notes you present for exchange must be in pristine condition.

To ensure a smooth money exchange process in Bolivia, it is recommended to bring US dollars as they are the only foreign currency that is widely accepted and easily exchanged. Other currencies, such as Canadian dollars, Australian dollars, and UK pounds, are extremely difficult to exchange and will likely result in unfavourable rates. Even Euros can be problematic to exchange in Bolivia. Therefore, it is advisable to rely primarily on US dollars for your transactions.

When preparing for your trip to Bolivia, it is a good idea to bring a sufficient amount of US dollars in small denominations. This will provide you with flexibility in exchanging money and making payments. Additionally, be cautious when exchanging money with street changers, as they are known for offering unfavourable rates and may not give you the correct amount. It is generally safer to use exchange offices or banks, but be mindful of high commissions or exchange fees.

It is also worth noting that Bolivia is a cash-focused economy, and while cards are accepted in some places, they are not as widely used as in Western countries. Many mid-range and higher-end hotels, restaurants, and stores will accept cards, but they may charge a service fee for doing so due to high merchant service fees. Therefore, it is recommended to rely mainly on cash, particularly when visiting smaller towns and remote regions.

To summarise, when exchanging money in Bolivia, ensure your US dollar bills are new and crisp, as old or damaged notes will likely be rejected. Bring US dollars in small denominations, be cautious when exchanging money, and be prepared to rely mostly on cash for your transactions.

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