{
 "id": "venezuela-2016-2021",
 "country": "Venezuela",
 "currency": "Bolívar",
 "periodStart": "2016",
 "periodEnd": "2022",
 "peakInflation": "192%",
 "peakMonthlyPct": 192,
 "peakMonth": "January 2019",
 "hkEpisode": "Nov 2016 – early 2022 (BCV)",
 "currencyReform": "14 zeros removed (2008, 2018, 2021)",
 "cause": "Oil collapse, price controls, a deficit paid by the central bank",
 "resolution": "De facto dollarisation; technically over in early 2022",
 "url": "https://hyperinflation.rogzy.org/venezuela-2016-2021/",
 "summary": "A state that lived on oil spent as if prices would stay high. When oil fell in 2014–15, it covered the gap with the central bank, while price and exchange controls had been emptying the shops since\n2003. Hyperinflation began in November 2016 and only ended technically in early 2022. The\nhighest monthly figure found so far is 192 % in January 2019 (National Assembly estimate).\nInflation figures for 2018 range from 130,060 % to 1,698,488 % depending on the source. The\nbolívar lost 14 zeros in three redenominations (2008, 2018, 2021), and the economy turned to the\ndollar.",
 "timeline": [
  {
   "date": "2003",
   "event": "Exchange and price controls are introduced."
  },
  {
   "date": "2008",
   "event": "The bolívar fuerte (1,000 : 1)."
  },
  {
   "date": "2014–2015",
   "event": "Oil prices collapse."
  },
  {
   "date": "Nov 2016",
   "event": "Hyperinflation begins."
  },
  {
   "date": "2018",
   "event": "Annual inflation estimated between 130,060 % and 1,698,488 %, depending on the source."
  },
  {
   "date": "20 Aug 2018",
   "event": "The bolívar soberano (100,000 : 1)."
  },
  {
   "date": "Jan 2019",
   "event": "192 % in the month (National Assembly)."
  },
  {
   "date": "2019",
   "event": "De facto dollarisation; controls are loosened."
  },
  {
   "date": "Oct 2021",
   "event": "The bolívar digital (1,000,000 : 1)."
  },
  {
   "date": "Q1 2022",
   "event": "12 months below 50 % a month: the hyperinflation is technically over."
  }
 ],
 "banknotes": [
  {
   "label": "1 million bolívares (3 Sep 2020)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/1_million_bolivar.jpg"
  }
 ],
 "exchangeRates": {
  "unit": "Bolívares fuertes per 1 USD, parallel market (bolívar soberano converted back, ×100,000)",
  "approximate": true,
  "notes": "The bolívar soberano (20 Aug 2018) removed five zeros and the bolívar digital (Oct 2021) six more; later points are converted back into bolívares fuertes. Parallel-market rates, far above the official ones. Approximate series, kept for its shape; individual points are not sourced one by one.",
  "sources": [
   "Parallel-market rate as published by DolarToday",
   "Federal Reserve Bank of St. Louis (FRED)"
  ],
  "points": [
   {
    "date": "2016-02",
    "rate": 1000
   },
   {
    "date": "2016-06",
    "rate": 1800
   },
   {
    "date": "2016-12",
    "rate": 4300
   },
   {
    "date": "2017-03",
    "rate": 6500
   },
   {
    "date": "2017-07",
    "rate": 10000
   },
   {
    "date": "2017-09",
    "rate": 20000
   },
   {
    "date": "2017-12",
    "rate": 105000
   },
   {
    "date": "2018-03",
    "rate": 245000
   },
   {
    "date": "2018-06",
    "rate": 3500000
   },
   {
    "date": "2018-08",
    "rate": 6000000
   },
   {
    "date": "2018-10",
    "rate": 10000000
   },
   {
    "date": "2019-01",
    "rate": 100000000
   },
   {
    "date": "2019-07",
    "rate": 1000000000
   },
   {
    "date": "2020-04",
    "rate": 10000000000
   },
   {
    "date": "2020-11",
    "rate": 100000000000
   },
   {
    "date": "2021-08",
    "rate": 414602200000
   }
  ]
 },
 "sources": [
  "Wikipedia, \"Hyperinflation in Venezuela\" (read 2026-10-05): https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela"
 ],
 "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."
}