Exploring The Currency Of Bolivia: What You Need To Know

Bolivia is a landlocked country in South America, bordered by Brazil, Paraguay, Argentina, Chile, and Peru. The currency of Bolivia is the boliviano, denoted by Bs or BOB. The boliviano is divided into 100 centavos or cents, with coins available in denominations of 10, 20, and 50 centavos, and 1, 2, and 5 bolivianos. Banknotes are available in denominations of 10, 20, 50, 100, and 200 bolivianos. The current boliviano was introduced in 1987, replacing the peso boliviano, which had been in use since 1963. Bolivia has a history of currency changes, with the boliviano also being the name of the country's currency between 1864 and 1963.

The current currency of Bolivia is the Bolivian boliviano, also known as the bolívar

The boliviano was also the name of the currency of Bolivia between 1864 and 1963. The first boliviano was worth eight soles and was divided into 100 centécimos (later centavos). The name bolivar was used for an amount of ten bolivianos. The second boliviano was introduced in 1987, replacing the Bolivian peso due to rampant inflation. The second boliviano was introduced at a rate of one million pesos to one boliviano.

Bolivianos come in both coins and banknotes. Coins include 10, 20, and 50 centavos, as well as 1, 2, 5, 10, and 20 bolivianos. Banknotes come in denominations of 10, 20, 50, 100, and 200 bolivianos.

When travelling to Bolivia, it is recommended to bring cash in US dollars, as the exchange rate is typically better than with other currencies. It is also a good idea to bring multiple credit cards in case one is not accepted. ATMs are available in major cities and some small towns, but it is important to have a 4-digit PIN. Credit cards such as Visa, MasterCard, and American Express are accepted, but some merchants and restaurants may add a transaction fee.

The ISO 4217 code for the currency is BOB

The currency of Bolivia is the boliviano, often abbreviated as Bs. The ISO 4217 code for the currency is BOB. This code is used in banking and business globally and is especially useful for removing any ambiguity about the price of goods or services. For example, exchange rates are often published using only the alpha codes instead of the full currency names. Similarly, airline and international train tickets use ISO 4217 alpha codes to ensure that the price is clear.

ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies. The standard establishes internationally recognised codes for almost 300 currencies, enabling clarity and reducing errors in business transactions. The codes are represented both numerically and alphabetically, using either three digits or three letters. For example, the code for the Euro is EUR, and USD represents the US dollar.

The ISO 4217 code for the Bolivian boliviano, BOB, follows a similar pattern to other codes. The first two letters, BO, are the same as the ISO 3166 country code for Bolivia. The third letter, B, corresponds to the first letter of the currency's main unit, in this case, boliviano. This system helps to eliminate confusion caused by currencies with the same name, such as the dollar, franc, peso, and pound, which are used in dozens of countries with significantly differing values.

The ISO 4217 code BOB is an essential tool for conducting business and banking transactions involving the Bolivian boliviano. It provides clarity and consistency in financial dealings, helping to reduce errors and improve efficiency in global commerce.

One US dollar is worth approximately 0.14-0.15 BOB

The currency of Bolivia is the boliviano, often abbreviated as BOB. As of September 2024, one US dollar is worth approximately 0.14-0.15 BOB. This makes Bolivia one of the most affordable countries in South America for visitors with US dollars.

When exchanging US dollars for bolivianos, you can do so at casas de cambio (exchange agencies) or with street money-changers. However, with street money-changers, you will need to negotiate for a preferable rate. It's worth noting that crisp and new bills are preferred, as old ones are often inspected and rejected.

ATMs are readily available in major Bolivian cities and some small towns. When using an ATM, ensure your card has a 4-digit PIN. Additionally, it is recommended to inform your bank in advance that you will be travelling to Bolivia.

Credit cards such as Visa, MasterCard, American Express, and Diners Club are also accepted in Bolivia, but some merchants and restaurants may add a credit card transaction fee.

The boliviano replaced the Bolivian peso in 1987 at a rate of one million pesos to one boliviano

The currency of Bolivia is the boliviano, which is divided into 100 centavos or cents. The current boliviano is the second iteration of the currency, the first having been in use from 1864 to 1963. The first boliviano was replaced by the peso boliviano in 1963, which was worth 1,000 first bolivianos. However, the peso boliviano was short-lived, lasting until 1986 when it was replaced by the second boliviano.

The second boliviano was introduced in 1987, replacing the Bolivian peso at a rate of one million pesos to one boliviano. This change was brought about by rampant inflation, which had seen the value of the US dollar rise to 1.8-1.9 million pesos by 1987. The new boliviano was initially roughly equivalent to one US dollar.

The introduction of the second boliviano was accompanied by the release of new coins and banknotes. Stainless-steel 2, 5, 10, 20 and 50 centavo coins, as well as a 1 boliviano coin, were introduced in 1988. These were followed by a 2 boliviano coin in 1991, a copper-plated steel 10 centavo coin in 1997, and a bimetallic 5 boliviano coin in 2001. Provisional issues of banknotes were also released in 1987, in denominations of 1, 5, 10 and 50 centavos, and 1, 5 and 10 bolivianos. These were soon followed by regular issues in denominations of 2, 5, 10, 20, 50, 100 and 200 bolivianos.

Coins and banknotes are still produced abroad, despite Bolivia's long political independence

The currency of Bolivia is the boliviano (abbreviation: Bs, ISO 4217 code: BOB), which has been in use since 1864, with a brief interruption from 1963 to 1987 when the peso boliviano was the country's currency. The boliviano is divided into 100 cents or centavos in Spanish.

Despite Bolivia's long political independence dating back to 1825, the country still produces its coins and banknotes abroad as of 2013. The United Kingdom, France, and Chile are among the countries that manufacture Bolivia's currency. This is largely due to the idea that foreign-made currency could be acquired at a lower price than domestically produced currency, as well as a lack of political interest in reviving domestic production.

Bolivia has a rich history when it comes to currency. During colonial times, the main Spanish colonial mint was located in Potosí due to the discovery of the silver mines of Cerro Rico, the largest source of silver in America and possibly the world. This mint produced a large quantity of coins and bars to supply other American mints and exports to Spain.

The boliviano has gone through several iterations since its introduction in 1864. The first boliviano was in use from 1864 to 1963 and was worth eight soles. It was replaced by the peso boliviano in 1963, which was then replaced by the second boliviano in 1987 due to rampant inflation.

In 2018, the Central Bank of Bolivia introduced a new family of banknotes that reflect the country's multiculturalism and highlight prominent figures in Bolivian history. These banknotes have won awards for their security measures, aesthetics, and inclusion of diverse groups within Bolivia.

Frequently asked questions