The Evolution Of Bolivia's Currency: Current Acceptance And Usage

Bolivia's currency is the boliviano, also known as the Bolivian boliviano or Bolivian bolíviano. The currency code is BOB, and the currency symbol is $b. The boliviano was introduced in 1987, replacing the peso boliviano at a rate of one boliviano to one million pesos. The boliviano is divided into 100 cents or centavos in Spanish.

The current currency of Bolivia is the boliviano

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 first boliviano was replaced by the peso boliviano on January 1, 1963, at the rate of 1 peso to 100 bolivianos. This was due to ongoing inflation in Bolivia after the 1920s, which led to the imposition of currency controls, multiple exchange rates, and black markets.

The second boliviano was introduced on January 1, 1987, at the rate of 1 boliviano to 1,000,000 pesos. This was due to rampant inflation in Bolivia, which led to the replacement of the Bolivian peso. At that time, 1 new boliviano was roughly equivalent to 1 US dollar.

The Central Bank of Bolivia introduced a new family of banknotes for the Plurinational State of Bolivia in April 2018, starting with the 10 Bs note and gradually introducing higher denominations. These banknotes received awards for their security measures, aesthetics, and inclusion of prominent figures in Bolivian history.

The currency code is BOB and the symbol is $b

The current currency of Bolivia is the boliviano, sometimes written as boliviano or bolivar. The currency code for the boliviano is BOB and the symbol is $b.

History of the Boliviano

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.

In 1963, the boliviano was replaced by the peso boliviano (code BOP), which was worth 1,000 first bolivianos. However, due to rampant inflation, the peso boliviano was replaced by a new boliviano in 1987 at a rate of one million to one. This new boliviano is the currency that is still in use today.

Exchange Rates and Travel Tips

As of September 2024, the exchange rate for the boliviano was approximately 6.9129409 to 1 US dollar. It's recommended that travellers to Bolivia bring some cash in US dollars, as the exchange rate is better with USD than with the Euro or any other currency. Crisp, new bills are preferred, as older ones are often inspected and rejected. It's also a good idea to bring multiple types of credit cards, in case one is not accepted.

ATMs can be found in major cities and some small towns, but be sure your ATM card has a 4-digit PIN. Credit cards such as Visa, MasterCard, American Express, and Diners Club are accepted, but some merchants and restaurants will add a transaction fee.

Coins and Banknotes

The boliviano is divided into 100 centavos. Coins in circulation include the stainless-steel 10, 20, and 50 centavos and 1 and 2 bolivianos, as well as the copper-plated steel 10 centavos and bimetallic 5 bolivianos. The 2 and 5 centavo coins are no longer in circulation.

In 2018, the Central Bank of Bolivia introduced a new family of banknotes, which are the first to bear the formal name of Bolivia, "Estado Plurinacional de Bolivia" (Plurinational State of Bolivia), reflecting the country's multiculturalism.

1 BOB is worth 0.144656 USD

The current currency of Bolivia is the boliviano, often abbreviated as BOB or Bs. As of 30 September 2024, 1 BOB is worth 0.144656 USD. This rate fluctuates, and you won't receive this rate when sending money.

The boliviano has been the name of Bolivia's currency twice. The first boliviano was in use from 1864 to 1963 and was worth eight soles. The second boliviano was introduced in 1987 and is the currency still in use today.

The boliviano is divided into 100 centavos or cents. The currency symbol is $b.

Bolivia has suffered from high inflation in the past

The current currency of Bolivia is the boliviano (Plurinational State of Bolivia), with the currency code BOB and the symbol $b. One boliviano is divided into 100 centavos.

Fiscal and monetary reforms reduced the inflation rate to single digits by the 1990s, and in 2004 Bolivia experienced a manageable 4.9% rate of inflation. However, the Bolivian economy has continued to face challenges due to political instability, difficult topography, low population growth, and low life expectancy, which have prevented industries from flourishing.

In recent years, the Bolivian economy has shown signs of improvement, with the country becoming a regional leader in measures of economic growth, fiscal stability, and foreign reserves. Between 2006 and 2019, during the presidency of Evo Morales, the economy quadrupled, and the poverty rate declined significantly. By October 2021, Bolivia had the lowest accumulated inflation in Latin America.

US dollars can be exchanged for bolivianos at casas de cambio or with street money-changers

The boliviano is the official currency of Bolivia. It is divided into 100 cents or centavos in Spanish. The currency code for the boliviano is BOB, and the currency symbol is $b.

US dollars can be exchanged for bolivianos at casas de cambio (foreign exchange bureaus) or with street money-changers. Casas de cambio can be found in most major cities and tourist areas in Bolivia. They offer a convenient way to exchange currency, and some may also offer other services such as money transfers. It is always a good idea to compare exchange rates and fees before choosing a casa de cambio to ensure you are getting a fair deal.

Street money-changers can also be found in many cities and tourist areas. They may offer slightly better exchange rates than casas de cambio, but it is important to be cautious when exchanging money on the street. Only exchange money with licensed money-changers and be aware of potential scams or counterfeit currency.

Additionally, some banks in Bolivia may also offer currency exchange services. It is worth checking with your local bank branch to see if they offer this service. Online money transfer services, such as Western Union, can also be used to exchange US dollars for bolivianos. These services can be convenient if you need to send money internationally, but they may charge fees for their services.

It is important to note that the exchange rate between the US dollar and the boliviano can fluctuate, so it is always a good idea to check the current rate before exchanging currency. As of September 2024, the exchange rate was approximately 1 USD to 6.9129409 BOB.

Frequently asked questions