At the time of writing this answer, 1 US Dollar is equal to approximately 4,295. 2 Venezuelan Bolivar (VEF). This currency exchange rate was last updated on August 05, 2020, which is subject to change according to government regulations and other economic factors.
The instability of the inflation rate in Venezuela also has a significant impact on the exchange rate, as it can be highly volatile on a daily basis.
How much is 1 million bolivars?
One million bolivars is currently equivalent to around 0. 20 US Dollars. In terms of purchasing power, one million bolivars is not very much, as the Venezuelan economy has continued to suffer from hyperinflation and severe currency devaluation in recent years.
The prices of basic goods and services have been increasing at a rapid pace, which has resulted in one million bolivars not going very far. In August 2018, one US Dollar was worth approximately 4,500,000 bolivars, so one million bolivars was worth less than 0.
02 US Dollars at that time. As of November 2020, the exchange rate is around 2,000 bolivars to 1 US Dollar.
Is Venezuela cheap to live?
Living in Venezuela is relatively inexpensive compared to many other countries. The country’s official currency, the Bolivar, is highly devalued, which means that basic living costs such as food, transport and rental accommodation are much cheaper than in other parts of the world.
According to Numbeo. com, the cost of living in Venezuela is around $631 for a single person per month. This is more than 60% cheaper than the cost of living in New York City.
The low cost of living means that the country is popular with expatriates who are looking for an affordable place to reside. While some basic amenities, such as internet and groceries, may be hard to find or have inflated prices, they are still relatively inexpensive compared to other countries.
For expatriates, the cost of living in Venezuela can be even lower if they live in a smaller city or rural area, where there are fewer visitors. Many of these places have areas that are much cheaper than the capital city of Caracas.
However, it should be noted that while Venezuela may be relatively inexpensive to live in on a day-to-day basis, there are significant drawbacks. The country is currently facing an economic crisis and a humanitarian crisis that has led to shortages of basic items such as food and medical supplies, as well unsafe living conditions.
For this reason, if you are looking for a place to live, you should exercise caution when considering Venezuela.
Why is Venezuela currency so high?
Venezuela’s currency, the bolivar, is currently highly inflated due to the country’s long-running economic crisis. The government has launched several attempts to stabilise the currency, but it remains high.
This is in part due to the country’s high inflation rate, which rose to an annual rate of 830,000 percent in 2018. On top of this, Venezuela’s government has been using money printing to finance its economic woes, leading to further currency devaluation.
Further contributing to the issue is that, due to the country’s broken economic system and political instability, it has become increasingly difficult for companies to use the bolivar as a means of payment.
With so few citizens and businesses using the currency, its value continues to deteriorate significantly. Additionally, the US has had a long-running economic embargo against Venezuela, which has deprived the country of foreign capital, further limiting its ability to combat the crisis and stabilise its currency.
All this taken together has led to the bolivar remaining extremely inflated and highly volatile.
What is the average monthly salary in Venezuela in US dollars?
The average monthly salary in Venezuela in US dollars is dependent on various factors including one’s level of education, experience, and specific field of work. According to a study by Venezuela’s National Institute of Statistics, the Venezuelan average salary for the year 2017 was 40,810 Bolivar per month, which is equivalent to approximately $6 USD per month.
However, given the vast inflation of the bolivar and the heavy devaluation of the currency, the average salary in USD is actually much lower than the official rate suggests. This is due to the fact that the Venezuelan currency has depreciated in purchasing power by an estimated 96% since 2017, according to the Johns Hopkins 2019 Cost of Living Index, which calculates the purchasing power of a currency based on the current exchange rate.
As of December 2020, the average monthly salary in Venezuela converted to USD is between $30 and $50 USD, depending on the specific sector and level of experience the individual holds.