The Ghanaian economy may not be in its glory days as we speak , despite being one of the best country in the African Continent . The cedis may also be down at the moment, and many may wonder if there's any currency in the world the Cedis is stronger than. This article aims at giving an insight on the currency in question and the country where it is being used.
According to an online money converter 1ghs is equal to 298,035.94 Venezuelan Sovereign Bolivar (VES) see picture below
which means that if you have 10000ghc you will have 2,980,359,431.35 Venezuelan Sovereign Bolivar (VES) see picture below
The Venezuelan Sovereign Bolivar (VES) currency
1ghs is equal to 298,035.94 Venezuelan Sovereign Bolivar (VES). Having Ten thousand Ghs automatically implies that you have approximately 2,980,359,431.35 Venezuelan Sovereign Bolivar (VES) - making you a billionaire in Venezuela. Venezuelan Sovereign Bolivar (VES) is used in the Christian republic of Venezuela. It is a country located at the northern end of South America. The Venezuelan Sovereign Bolivar (VES) currency is One of the world's weakest currency.
History Of The Venezuelan Sovereign Bolivar (VES) currency
The bolívar soberano (sovereign bolívar, sign: Bs.S or Bs.; code: VES) has been the official currency of Venezuela since 20 August 2018. The bolívar soberano replaced the bolívar fuerte (strong bolívar, sign: Bs.F, code: VEF) after a transition period. The primary reason for replacement, at a rate of 1 Bs.S to 100,000 Bs.F, was hyperinflation. On 1 January 2008, the bolívar fuerte had itself replaced, because of inflation, the original bolívar introduced in 1879 (sign: Bs.; code: VEB). It did so at a rate of 1 Bs.F to 1000 Bs. With an exchange rate exceeding one million bolívares per U.S. dollar in December 2020, the bolívar soberano is the lowest valued unit of currency in circulation in the world.
The Fall Of Venezuelan Sovereign Bolivar (VES) currency
At one time the Venezuelan bolivar (VEB) was seen as a stable currency. However, a fall in the price of oil and reduced exports damaged the country's currency. By 1983, with a central bank nearly empty of foreign exchange reserves and mounting debt, the president devalued the currency by 100%. Banks remained closed as the population scrambled to exchange the VEB for U.S. dollars. Known as Venezuela's Black Friday, the government declared insolvency and banned the public from purchasing dollars. Inflation skyrocketed and brought the VEB to its knees, forcing the change to the bolivar fuerte (VEF).
The VEF is somewhat volatile in the global currency exchange market. Much of the VEF’s limitations originated because the Venezuelan government began putting strict controls on their currency in 2003 to limit individual’s access to dollars further. As inflation continues to devastate the Venezuelan economy, the government and central bank have again decided to redenominate its currency. The new money will be known as the bolivar soberano or sovereign bolivar (VES) and is expected to take effect sometime in the next few years. Due to the high rate of inflation in Venezuela, the demand for U.S. dollars has increased. Without access to the dollar, however, the currency rate can increase with black market activity. For example, the unofficial black-market exchange rate has been valued as high as 225,000 VEF per 1 USD.
The Venezuelan bolivar (VEB) was the former national currency of Venezuela before being replaced by the bolivar fuente (VEF) in 2008. Venezuela's currency has experienced periods of instability and hyperinflation due to economic and political troubles that have plagued the country in recent years. Venezuela's government has proposed a new currency called the soberano as well as an supposed oil-backed cryptocurrency known as the petro in response to continued currency weakness.
Thanks for reading, the topics covered here are available for positive progress and critical assessments. Please do well to drop a comment below and share the article with as many as possible as possible
Content created and supplied by: KwesiPino (via Opera News )