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VENEZUELA AND THE DOMINICAN REPUBLIC
A NOTEWORTHY VISIT
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Chris Schneider - LANSA #1175 Since my wife is Dominican I travel regularly to the Caribbean to visit my parents-in-law in the Dominican Republic. My last trip was in December 2004. I flew to the Dominican Republic after a three day stopover in Venezuela. Due to the political and economic problems caused by the previous government the Venezuelan currency has dramatically lost value in comparision to all other major currencies. According to the Venezuelan newspaper EL UNIVERSAL www.eluniversal.com and the travel guide www.lonelyplanet.com there exists two exchange rates: an official and a black market one. This time - in December 2004 - I received on the black market (from different jeweleries) between 2.200 and 2.400 Bolivares for a U.S. Dollar. The official rate at that time was 1.920 Bolivares for U.S.$1.00. VENEZUELA |
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I remember very well when I came for the first time to Venezuela in Septemer 1995. I received 200 Venezuelan Bolivares for a U.S.$1.00. I returned to this country in August 1996 and, in the meantime, the same US Dollar was worth 500 Bolivares! Moreover, the local price level was the same as it used to be in 1995. Thus, in 1996 all prices were a real bargain for a foreign traveller like me. On the other hand, for all Venezuelans life was more difficult because they still had |
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the same wages and some prices had risen. I remember very well my hotel at the beach in the lovely fishing village of Choroni (www.choroni.net). In August 1996 I paid US$4.00 or 2,000 Bolivres per night in a budget hotel for a single room with a van, private bath and shower but without an air conditioner. In 1998 I returned to Venezuela and received for US$1.00 around 600 Bolivares. I also returned to the lovely beach of Choroni and had to pay for the same room in the same hotel US$20 per night! Venezuela has recently issued a complete new banknote series. In 2002 a new series for the 1,000 and 2,000 Bolivres (P-#82 and 83) banknotes were issued. In December 2004 the Central Bank of Venezuela also issued the previous 1,000 and 2,000 banknotes (P-#74 and 74). The new ones are seldom seen in circulation, and if you should find one it is a rag. All other new issues are in circulation and all previous ones have disappeared from use. They have issued a new modified 20,000 Bolivares (yellow type) banknote. The previous new one (P-#80, green type) was very similar to the new 2,000 banknote and people used to confuse them. They look very similar, have almost the same color and the pictured men looked very similar. Thus, if someone is in a hurry a 2,000 looks almost like 20,000 Bolivares banknote. Meantime, a new 20,000 Bolivares has been issued. The new 20,000 Bolivres banknotes are printed in Venezuela by the Casa de la Mondeda from comletely different printing plates with many changes from the earlier issue. |
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All banknotes below 500 Bolivares have been replaced by coins and are no longer available to the public. Every time I go to Venezuela, I visit the Banco Central de Venezuela in Caracas. It is always a problem to get in. Venezuelan people cannot understand that a foreigner collects Venezuela banknotes and that even current banknotes are collected. Thanks to my excellent Spanish and
persistence they let me in every time, although it is always |
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In local coin shops Venezuelan banknotes are sold at high prices. Even the recent issues of the 1990's are getting expensive. I was told that the P-#71 - 20 Bolivares commemorative issue dated 20.10.1987 - is usually sold at US$8.00 as UNC! DOMINICAN REPUBLIC After three days in Venezuela I flew to Santa Domingo. My wife and my father-in-law welcomed me at the airport. Since their new president Leonel has been in power, the Dominican Peso has become stronger. In the Summer of 2004 a US Dollar was worth almost 50 Pesos. In December 2004 I reeived for a US Dollar 28.85 Pesos. The new 2003 dated banknotes have been issued. Usually it is no problem to get UNC 10 or 20 Pesos banknotes from money changers. All higher denominations are more difficult to locate in strict UNC. In 2002 I have visited the Central Bank of the Dominican Republic. They sold SPECIMEN banknotes at low prices, i.e., US$1.00 per banknote. The older banknotes were sold at this point of time. I have no information about today's prices. This time I had no opportunity to visit the Central Bank, since I had spent the weekend in the capital of the Dominican Republic before I headed with my wife to the beaches in the north of the island. Chris Schneider - |