The bolívar [boˈliβaɾ] is the official currency of Venezuela . Named after the hero of South American independence Simón Bolívar , it was introduced by President Guzman Blanco via the monetary reform of 1879, before which the venezolano was circulating. Due to its decades-long reliance on silver and gold standards , and then on a peg to the United States dollar , it was long considered among the most stable currencies.
126-513: Since 1983, the currency has experienced a prolonged period of high inflation, losing value almost 500-fold against the US dollar in the process. The depreciation became manageable in the mid-2000s, but it still stayed in double digits. It was then, on 1 January 2008, that the hard bolívar ( bolívar fuerte in Spanish, sign : Bs.F , code : VEF ) replaced the original bolívar ( sign : Bs ; code : VEB ) at
252-481: A 12 + 1 ⁄ 2 -céntimo coin and getting 8 céntimos back. In December 2016, it was announced that coins of Bs.F 10, Bs.F 50, and Bs.F 100 would enter circulation. These three coins would replace the banknotes of the same denominations. Sovereign bolívar coins were announced to be produced in denominations of 50 céntimos and Bs.S 1 (Bs.F 50,000 and Bs.F 100,000 respectively). These two coins were worthless by September 2019. Coins of
378-798: A Roman pound of silver. Newly invented currencies and currencies adopting new symbols have symbolism meaningful to their adopter. For example, the euro sign € is based on ϵ , an archaic form of the Greek epsilon , to represent Europe; the Indian rupee sign ₹ is a blend of the Latin letter ' R ' with the Devanagari letter र ( ra ); and the Russian Ruble sign ₽ is based on Р (the Cyrillic capital letter 'er' ). There are other considerations, such as how
504-502: A United States Department of Defense adviser linked to The Pentagon , the Bs.F 1.5 billion was printed by Venezuela and destined for Bolivia, since unlike the implied exchange rate of thousands of hard bolívares equaling one United States dollar, the exchange rate was approximately 10 hard bolívares per dollar, making the value of the stash 419 times stronger, from US$ 358,000 to US$ 150 million. The Pentagon adviser further stated that
630-423: A heptagon , symbolizing the seven stars of the flag . On the reverse the coat of arms is depicted, circled by the official name of the country, with the date and the denomination below. In 2001, the reverse design was changed, putting the denomination of the coin at the right of the shield of the coat of arms, surrounded in a semicircle by the official name of the country and the year of its issue below. Coins of
756-568: A lower middle class subsidized home provided by the government, where they attended Daniel O'Leary High School in the mid-1960s. His father, despite having the salary of a teacher, helped pay for college for Chávez and his siblings. Aged 17, Chávez studied at the Venezuelan Academy of Military Sciences in Caracas, following a curriculum known as the Andrés Bello Plan, instituted by
882-593: A brief period of forty-seven hours in 2002 . Chávez was also leader of the Fifth Republic Movement political party from its foundation in 1997 until 2007, when it merged with several other parties to form the United Socialist Party of Venezuela (PSUV), which he led until 2012. Born into a middle-class family in Sabaneta, Barinas , Chávez became a career military officer. After becoming dissatisfied with
1008-711: A democracy into a dictatorship by centralising power amongst its supporters in the Constituent Assembly and granting Chávez increasingly autocratic powers. Many of them pointed to Chávez's personal friendship with Cuba's Fidel Castro and the one-party socialist government in Cuba as a sign of where the Bolivarian government was taking Venezuela. Chávez sought to make PDVSA his main source of funds for political projects and replaced oil experts with political allies in order to support him with this initiative. In early-2002, he placed
1134-451: A direct government arm whose profits would be injected into social spending. The result of this was the creation of " Bolivarian Missions ", oil funded social programs targeting poverty, literacy, hunger, and more. In 2001, the government introduced a new Hydrocarbons Law through which it sought to gain greater state control over the oil industry. The law increased the transnational companies taxation in oil extraction activities to 30% and set
1260-533: A green color similar to the one of the Bs. 2,000 banknotes, which caused confusion, and new banknotes were made in a new olive green color. Starting from 2000, banknotes ranging from Bs. 5,000 to Bs. 50,000 were renamed to REPÚBLICA BOLIVARIANA DE VENEZUELA instead of BANCO CENTRAL DE VENEZUELA on the obverse, after the 1999 constitution was adopted. Moreover, banknotes of Bs. 10,000, Bs. 20,000 and Bs. 50,000 were updated in April 2006 after
1386-427: A group of progressive, nationalistic military officers. This new curriculum encouraged students to learn not only military routines and tactics but also a wide variety of other topics, and to do so civilian professors were brought in from other universities to give lectures to the military cadets. Living in Caracas, he began to get involved in activities outside of the military school, playing baseball and softball with
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#17330936829761512-517: A leftist professor as the president of PDVSA. In April 2002, Chávez appointed his allies to head the PDVSA and replaced the company's board of directors with loyalists who had "little or no experience in the oil industry", mocking the PDVSA executives on television as he fired them. Anger with Chávez's decisions led to civil unrest in Venezuela, which culminated in an attempted coup. On 11 April 2002, during
1638-407: A litre of gasoline and a Caracas Metro ticket typically cost Bs.S 0.06 and Bs.S 0.04, respectively. The change in currency was originally scheduled for June 4, 2018. The President delayed the planned June launch date of the sovereign bolívar, citing from Aristides Maza, "the period established to carry out the conversion is not enough". The revaluation was rescheduled to 20 August 2018, and
1764-514: A march headed to the presidential palace , nineteen people were killed, and over 110 were wounded. Chávez believed that the best way to stay in power was to implement Plan Ávila . Military officers, including General Raúl Baduel , a founder of Chávez's MBR-200 , then decided that they had to pull support from Chávez to deter a massacre and shortly after at 8:00 pm, Vásquez Velasco, together with other ranking army officers, declared that Chávez had lost his support. Chávez agreed to be detained and
1890-515: A media star", noted Rory Carroll of The Guardian . Chávez was arrested and imprisoned at the San Carlos military stockade, wracked with guilt and feeling responsible for the failure of the coup. Pro-Chávez demonstrations outside San Carlos led to his transfer to Yare Prison . Another unsuccessful coup against the government occurred in November, with the fighting during the coups resulting in
2016-493: A military contingency plan by the Venezuelan Army to maintain public order, and an outbreak of violent repression unfolded. Though members of Chávez's MBR-200 movement allegedly participated in the crackdown, Chávez did not, since he was then hospitalized with chicken pox . He later condemned the event as " genocide ". Chávez began preparing for a military coup d'état known as Operation Zamora. The plan involved members of
2142-489: A number of Super Tucano light attack and training planes from Brazil. Troop numbers were also increased. Chávez faced a two-month management strike at the PDVSA. The Chávez government's response was to fire about 19,000 striking employees for abandoning their posts and then employing retired workers, foreign contractors, and the military to do their jobs instead. The total firing of tens of thousands of employees by Chávez would forever damage Venezuela's oil industry due to
2268-541: A private capacity, where he announced plans to supply cheap Venezuelan oil to poor working class communities in the continent. The Mayor of London Ken Livingstone welcomed him, describing him as "the best news out of Latin America in many years." In the presidential election of December 2006 , which saw a 77% voter turnout, Chávez was once more elected, this time with 63% of the vote, beating his closest challenger Manuel Rosales . The Organization of American States (OAS) and
2394-712: A proud COPEI member – and Elena Frías de Chávez , were schoolteachers who lived in the small village of Los Rastrojos. Hugo was born the second of seven children. Chávez's childhood of supposed poverty has been disputed as he possibly changed the story of his background for political reasons. Attending the Julián Pino Elementary School, Chávez was particularly interested in the 19th-century federalist general Ezequiel Zamora , in whose army his own great-great-grandfather had served. With no high school in their area, Hugo's parents sent Hugo and his older brother Adán to live with their grandmother Rosa, who lived in
2520-456: A public referendum, which he hoped would support his plans to form a constituent assembly of representatives from across Venezuela and from indigenous tribal groups to rewrite the Venezuelan constitution. Chávez said he had to run again; "Venezuela's socialist revolution was like an unfinished painting and he was the artist", he said, while someone else "could have another vision, start to alter
2646-450: A rate of Bs.F 1 to Bs. 1,000 (the abbreviation Bs. is due to the first and the final letters of the plural form of the currency's name, bolívares ). The value of the hard bolívar, pegged to the US dollar, did not stay stable for long despite attempts to institute capital controls . Venezuela entered another period of abnormally high inflation in 2012, which the country has not exited as of April 2023. The central bank stuck to
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#17330936829762772-530: A result of increasing hyperinflation. The lower denomination hard bolívar banknotes (up to Bs.F 500) were demonetized on 20 August 2018; with the introduction of the sovereign bolívar. Higher denominations (Bs.F 1,000 and above) remained legal tender during a transition period. On 30 November 2018, it was announced that the remaining denominations of the old currency will be withdrawn from circulation and cease to be legal tender on 5 December 2018. Currency sign A currency symbol or currency sign
2898-707: A visit to the United States in 1999, he rang the closing bell at the New York Stock Exchange . His administration held formal talks with the International Monetary Fund until oil prices rose enough to let the government rule out the need for any financial assistance. Beginning 27 February 1999, the tenth anniversary of the Caracazo , Chávez set into motion a social welfare program called Plan Bolívar 2000 . He said he had allotted $ 20.8 million for
3024-768: Is DolarToday , which has also been critical of the Maduro government. This table shows a condensed history of the parallel foreign exchange rate of the Venezuelan bolívar (hard and sovereign) to one United States dollar between 2012 and 2021, according to DolarToday . In 1879, silver coins were introduced in denominations of Bs. 1 ⁄ 5 , Bs. 1 ⁄ 2 , Bs. 1, Bs. 2, and Bs. 5, together with gold Bs. 20. Gold Bs. 100 were also issued between 1886 and 1889. In 1894, silver Bs. 1 ⁄ 4 coins were introduced, followed by cupro-nickel 5 and 12 + 1 ⁄ 2 céntimos in 1896. In 1912, production of gold coins ceased, whilst production of
3150-489: Is a graphic symbol used to denote a currency unit. Usually it is defined by a monetary authority, such as the national central bank for the currency concerned. A symbol may be positioned in various ways, according to national convention: before, between or after the numeric amounts: €2.50 , 2,50€ and 2 [REDACTED] 50 . Symbols are neither defined nor listed by international standard ISO 4217 , which only assigns three-letter codes. When writing currency amounts,
3276-538: Is placed in the decimal separator position, as in 2 [REDACTED] 50 . Older currency symbols have evolved slowly, often from previous currencies. The modern dollar and peso symbols originated from the mark employed to denote the Spanish dollar , whereas the pound and lira symbols evolved from the letter L (written until the seventeenth century in blackletter type as L {\displaystyle {\mathfrak {L}}} ) standing for libra ,
3402-472: Is worth 0.50 digital bolívars, an amount which can also be referred to as 50 céntimos of a digital bolívar. From October 1, 2021 through 27 April 2022 retailers were required to post prices in both sovereign and digital bolívars, By 2024, however it was more common to see prices posted in "REF" (or "Ref", "ref", etc.), an abbreviation for the word referencia , representing a price in U.S. dollars, which customers can pay in digital and/or sovereign bolívars at
3528-585: The Partido Comunista Venezolano (Venezeuelan Communist Party) and the Movimiento al Socialismo (Movement for Socialism). Chávez received support from different sectors: the lower class felt identified with Chávez, that he cared about their needs and would offer a solution to their problems; part of the middle class also supported, feeling frustrated with corruption and wishing for a strong-handed government; Chávez also received support from members of
3654-554: The 11 September attacks against the U.S. by Islamist militants. In late 2001, Chávez showed pictures on his television show of children said to be killed in a bombing attack. He commented that "They are not to blame for the terrorism of Osama bin Laden or anyone else", called on the American government to end "the massacre of the innocents", and describing the war as "fighting terrorism with terrorism." The U.S. government responded negatively to
3780-446: The 1998 presidential election . Chávez went on a tour around the country. On his tours, he met Marisabel Rodríguez , who would give birth to their daughter shortly before becoming his second wife in 1997. At the start of the election run-up, front runner Irene Sáez was backed by one of Venezuela's two primary political parties, Copei . Chávez's revolutionary rhetoric gained him support from Patria Para Todos (Homeland for All),
3906-801: The Bolivarian missions to expand access to food, housing, healthcare and education. While these initiatives led to temporary improvements in poverty reduction and social welfare during periods of high oil revenue, their reliance on state control and centralized planning exposed significant structural weaknesses as oil prices declined. The high oil profits coinciding with the start of Chavez's presidency resulted in temporary improvements in areas such as poverty, literacy, income equality and quality of life between primarily 2003 and 2007, though extensive changes in structural inequalities did not occur. On 2 June 2010, Chávez declared an "economic war" on Venezuela's upper classes due to shortages , arguably beginning
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4032-714: The Criollitos de Venezuela team, progressing with them to the Venezuelan National Baseball Championships. He also wrote poetry, fiction, and drama, and painted. He also became interested in the Marxist revolutionary Che Guevara (1928–1967) after reading his memoir The Diary of Che Guevara . In 1974, he was selected to be a representative in the commemorations for the 150th anniversary of the Battle of Ayacucho in Peru,
4158-493: The National Assembly approved changes to the coat of arms , which were made official on March 12, 2006. The following is a list of former Venezuelan bolívar banknotes: New banknotes of the series 2007–2015 with values of Bs.F 2 to Bs.F 100 were issued from 20 March 2007 until 5 November 2015 and became legal tender from 1 January 2008 to 20 August 2018. The greater the values, the longer re-issuing occurred. Only
4284-679: The National Directorate of Intelligence and Prevention Services and made Hernán Grüber Ódreman [ es ] , one of the 1992 coup leaders, governor of the Federal District of Caracas. His critics referred to these government officials as the " Boliburguesía " or "Bolivarian bourgeoisie", and highlighted that it "included few people with experience in public administration". The number of his immediate family members in Venezuelan politics also led to accusations of nepotism . Chávez appointed businessman Roberto Mandini president of
4410-662: The Radical Cause ) and Douglas Bravo . Five years after his creation of the ELPV, Chávez went on to form a new secretive cell within the military, the Bolivarian Revolutionary Army-200 (EBR-200), later redesignated the Revolutionary Bolivarian Movement-200 (MBR-200). He was inspired by Simón Bolívar , Simón Rodríguez and Ezequiel Zamora , who became known as the "three roots of the tree" of
4536-419: The crisis in Venezuela . By the end of Chávez's presidency in the early 2010s, economic actions performed by his government during the preceding decade, such as deficit spending and price controls, proved to be unsustainable, with Venezuela's economy faltering. At the same time, poverty , inflation and shortages increased. Under Chávez, Venezuela experienced democratic backsliding , as he suppressed
4662-652: The democratic socialism , which he wanted to promote in Latin America, from the Marxist–Leninist socialism that had been spread by socialist states like the Soviet Union and the People's Republic of China during the 20th century, arguing that the latter had not been truly democratic, suffering from a lack of participatory democracy and an excessively authoritarian governmental structure. In May 2006, Chávez visited Europe in
4788-423: The peso fuerte worth 10 Spanish reales . The alternate meaning of "strong" was also used by the government in promotional material The official exchange rate is restricted to individuals by CADIVI , which imposes an annual limit on the amount available for travel. Since the government of Hugo Chávez established strict currency controls in 2003, there have been a series of five currency devaluations , disrupting
4914-399: The " nueva expresión monetaria " or new monetary expression, occurred on 1 October 2021, when Bs.S 1,000,000 were exchanged for 1 digital bolívar ( bolívar digital in Spanish, sign : Bs.D , code : VED ), thus making Bs.D 1 worth Bs. 100,000,000,000,000 (10, or Bs. 100 trillion in short scale ). Both Bs.S and Bs.D currencies are officially in circulation, though
5040-580: The 1999 Constitution with the Supreme Tribunal of Justice. The constituent assembly put together a new constitution , which was voted on at a referendum in December 1999. Seventy-two percent of those who voted approved of the new constitution. There was a low turnout and an abstention vote of over 50%. The new constitution provided protections for the environment and indigenous people, socioeconomic guarantees and state benefits, while giving greater powers to
5166-635: The 21st century . Chávez described his policies as anti-imperialist , being a prominent adversary of the United States's foreign policy as well as a vocal critic of neoliberalism and laissez-faire capitalism . He described himself as a Marxist . Chávez was born on 28 July 1954 in his paternal grandmother Rosa Inéz Chávez's home, a modest three-room house located in the rural village Sabaneta , Barinas State . The Chávez family were of Amerindian , Afro-Venezuelan , Spanish and Italian descent. His parents, Hugo de los Reyes Chávez – described as
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5292-449: The 21st century, Venezuela was the world's fifth largest exporter of crude oil , with oil accounting for 85% of the country's exports, therefore dominating the country's economy. Before the election of Chávez, the state-run oil company, Petróleos de Venezuela S.A. (PDVSA) ran autonomously, making oil decisions based on internal guidance to increase profits. Once he came to power, Chávez started directing PDVSA and effectively turned it into
5418-418: The Bs.5 ended in 1936. In 1965, nickel replaced silver in the 25 and 50 céntimos, with the same happening to the 1 and 2 bolívares in 1967. In 1971, cupro-nickel 10 céntimo coins were issued, the 12 + 1 ⁄ 2 céntimos having last been issued in 1958. A nickel Bs. 5 was introduced in 1973. Clad steel (first copper, then nickel and cupro-nickel) was used for the 5 céntimos from 1974. Nickel clad steel
5544-444: The Bs.F 50 and Bs.F 100 notes were re-issued in November 2015. The obverse side is portrait-oriented, with the lower half carrying a portrait, while the reverse side is landscape-oriented, the left two thirds showing an animal in front of its habitat. Re-issues retain the value-specific motifs, but the printing quality is different. The notes are printed by Casa de la Moneda Venezuela in Venezuela. High inflation , which
5670-532: The Chávez administration tried to implement educational reforms through the proposed Resolution 259 and Decree 1.011, which would have seen the publication of textbooks with a heavy Bolivarian bias. Parents noticed that such textbooks were really Cuban books filled with revolutionary propaganda outfitted with different covers. The protest movement, which was primarily by middle-class parents whose children went to privately run schools, marched to central Caracas shouting out
5796-414: The Chávez regime argued that it was dictatorial. Most jurists believed that the new constituent assembly had become the country's "supreme authority" and that all other institutions were subordinate to it. The assembly also declared a "judicial emergency" and granted itself the power to overhaul the judicial system. The Supreme Court ruled that the assembly did indeed have this authority, and was replaced in
5922-755: The Cuban high hierarchy where, among other things, he said "We have a long term strategic project, in which the Cubans have and would have much to contribute" and "it is a project of a twenty to forty year horizon, a sovereign economic model". Travelling around Latin America in search of foreign support for his Bolivarian movement, he visited Argentina , Uruguay , Chile , Colombia , and Cuba , where he met Castro and became friends with him. According to journalist Patricia Poleo , during his stay in Colombia, he spent six months receiving guerrilla training and establishing contacts with
6048-979: The Digital bolívar were issued on October 1, 2021 in denominations of 25 and 50 céntimos and 1 bolívar. The coins were introduced along with the redenomination of the currency from the Sovereign bolívar to the Digital bolívar. In 1940, the Banco Central de Venezuela began issuing paper money, introducing denominations of Bs. 10, Bs. 20, Bs. 50, Bs. 100 and Bs. 500. Bs. 5 notes were issued between 1966 and 1974, when they were replaced by coins. In 1989, notes for Bs. 1, Bs. 2 and Bs. 5 were issued. As inflation took hold, higher denominations of banknotes started being introduced: Bs. 1,000 in 1991, Bs. 2,000 and Bs. 5,000 in 1994, and Bs. 10,000, Bs. 20,000 and Bs. 50,000 in 1998. The first Bs. 20,000 banknotes were made in
6174-518: The FARC and ELN terrorist groups, and even adopted a nom de guerre Comandante Centeno. By now Chávez was a supporter of taking military action, believing that the oligarchy would never allow him and his supporters to win an election. Chávez and his supporters later founded a political party, the Fifth Republic Movement (MVR – Movimiento Quinta República ) in July 1997 in order to support Chávez's candidacy in
6300-467: The MBR-200. In 1984 he met Herma Marksman , a recently divorced history teacher with whom he had an affair that lasted several years. During this time Francisco Arias Cárdenas , a soldier interested in liberation theology , also joined MBR-200. After some time, some senior military officers became suspicious of Chávez and reassigned him so that he would not be able to gain any more fresh new recruits from
6426-570: The President ). He founded two newspapers, El Correo del Presidente ( The President's Post ), founded in July, for which he acted as editor-in-chief, and Vea ( See ), another newspaper, as well as Question magazine and Vive TV. El Correo was later shut down among accusations of corruption and mismanagement. In his television and radio shows, he answered calls from citizens, discussed his latest policies, sang songs and told jokes. In June 2000 he separated from his wife Marisabel, and their divorce
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#17330936829766552-712: The South and the regional television network TeleSUR . Internationally, Chávez aligned himself with the Marxist–Leninist governments of Fidel and then Raúl Castro in Cuba, as well as the socialist governments of Evo Morales in Bolivia, Rafael Correa in Ecuador and Daniel Ortega in Nicaragua. Chávez's ideas, programs, and style form the basis of " Chavismo ", a political ideology closely associated with Bolivarianism and socialism of
6678-646: The Venezuelan People's Liberation Army ( Ejército de Liberación del Pueblo de Venezuela , or ELPV), consisted of him and a handful of his fellow soldiers who had no immediate plans for direct action, though they knew they wanted a middle way between the right-wing policies of the government and the far-left position of the Red Flag. Nevertheless, hoping to gain an alliance with civilian leftist groups in Venezuela, Chávez set up clandestine meetings with various prominent Marxists, including Alfredo Maneiro (the founder of
6804-529: The Venezuelan government tried to send the newly printed notes to be exchanged by the Bolivian government so Bolivia could pay 20% of its debt to Venezuela, and so Venezuela could use the US dollars for its own disposal. On 3 November 2017, the Banco Central de Venezuela issued a Bs.F 100,000 note which is similar to the Bs.F 100 note of the 2007 series and the Bs.F 20,000 of the 2016 series, but with
6930-636: The Venezuelan political system based on the Puntofijo Pact , he founded the clandestine Revolutionary Bolivarian Movement-200 (MBR-200) in the early 1980s. Chávez led the MBR-200 in its unsuccessful coup d'état against the Democratic Action government of President Carlos Andrés Pérez in 1992, for which he was imprisoned. Pardoned from prison two years later, he founded the Fifth Republic Movement political party, and then receiving 56.2% of
7056-546: The Venezuelan public. Days later on 11 December, President Nicolás Maduro who had been ruling by decree wrote into law that the Bs.F 100 would be pulled from circulation within 72 hours because "mafias" were allegedly storing those particular notes to drive inflation. With more than 6 billion Bs.F 100 notes issued consisting of 46% of Venezuela's issued currency, Maduro enacted an exchange for Venezuelan citizens to transfer all Bs.F 100 notes for Bs.F 100 coins while also blocking international travel to prevent
7182-573: The academy. He was sent to take command of the remote barracks at Elorza in Apure State . In 1989, Carlos Andrés Pérez was elected president, and though he had promised to oppose the International Monetary Fund 's policies, once he got into office he enacted economic policies supported by the IMF, angering the public. In an attempt to stop widespread lootings and protests that followed his spending cuts, known as El Caracazo , Pérez initiated Plan Ávila ,
7308-547: The bolívar exchange rate was fixed in terms of the US dollar at a rate of Bs. 3.914 = US$ 1, revalued to Bs. 3.18 = 1 US dollar in 1937, a rate which lasted until 1941. Until 18 February 1983 (now called Viernes Negro , Spanish for Black Friday, by many Venezuelans ), the bolívar had been the region's most stable and internationally accepted currency. It then fell prey to high devaluation . Exchange controls were imposed on February 5, 2003, to limit capital flight . The rate
7434-481: The comments, which were picked up by the media worldwide and recalled its ambassador for consultations. Meanwhile, the 2000 elections had led to Chávez's supporters gaining 101 out of 165 seats in the Venezuelan National Assembly, and so in November 2001 they voted to allow him to pass 49 social and economic decrees. This move antagonized the opposition movement particularly strongly. At the start of
7560-460: The conflict in which Simon Bolívar's lieutenant, Antonio José de Sucre , defeated royalist forces during the Peruvian War of Independence . In Peru, Chávez heard the leftist president, General Juan Velasco Alvarado (1910–1977), speak, and inspired by Velasco's ideas that the military should act in the interests of the working classes when the ruling classes were perceived as corrupt. Befriending
7686-426: The contours of the painting". There was a low turnout of 37.65% and an abstention of 62.35%, 88% of the voters supported his proposal. Chávez called an election on 25 July to elect the members of the constituent assembly. Over 900 of the 1,171 candidates standing for election were Chávez opponents. To elect the members of the assembly, Chávez used a formula designed by mathematical experts and politicians, known at
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#17330936829767812-451: The country's bicameral legislature into a single National Assembly that gave him more power and created community groups of loyal supporters allegedly trained as paramilitaries. Such actions created great fear among Venezuelans who felt like they were tricked and that Chávez had dictatorial goals. The first organized protest against the Bolivarian government occurred in January 2001, when
7938-498: The country's official fixed exchange rate to the US dollar the new currency was devalued by roughly 95% compared to the old hard bolívar. The day was declared a bank holiday to allow the banks to adjust to the new currency. Initially, during a transition period the sovereign bolívar was to be run alongside the hard bolívar. However, from the start of the transition, on 20 August, hard bolívar notes of Bs.F 500 and less could not be used; only deposited at banks. Concurrently with
8064-589: The coup was elected president and soon afterward he freed Chávez and the other imprisoned MBR-200 members, though Caldera banned them from returning to the military. After his release, on 14 December 1994, Chávez visited Cuba during the Special Period , where he was received by Fidel Castro with head of state honors. During his visit, Chávez gave a speech at the Aula Magna of the University of Havana before Fidel and
8190-415: The currency redenomination was carried out on 20 August 2018, these old denominations with a face value of 1,000 hard bolívares or higher would circulate in parallel with the new series of sovereign bolívar notes for a limited time. Banknotes with a face value below BsF. 1,000 were withdrawn from circulation and ceased to be legal tender on 20 August 2018. They had to be deposited in local banks. By May 2018,
8316-423: The current rate of exchange. The black (or parallel) market value of the hard bolívar and the sovereign bolívar has been significantly lower than the fixed exchange rate and other rates set by the Venezuelan government (SICAD, SIMADI, DICOM). In November 2013, it was almost one-tenth that of the official fixed exchange rate of Bs.F 6.30 per US dollar . In September 2014, the currency black market rate for
8442-414: The deaths of at least 143 people and perhaps as many as several hundred. Pérez was impeached a year later, charged with malfeasance and misappropriating funds. While Chávez and the other senior members of the MBR-200 were in prison, his relationship with Herma Marksman broke up in July 1993. In 1994, Rafael Caldera (1916–2009) of the centrist National Convergence Party who allegedly had knowledge of
8568-512: The denomination spelled out in full instead of adding an additional three zeros to the number 100. This denomination was worth US$ 2.42 using the unofficial exchange rate at the date of its release. New banknotes of the 2016–17 series with values of Bs.F 500 to Bs.F 100,000 were issued from 7 December 2016 until 20 August 2018, the day when the sovereign bolívar was introduced. Notes from Bs.F 5,000 to Bs.F 100,000 were recently re-issued in December 2017. Maduro announced that after
8694-510: The economy has undergone extensive currency substitution , so the majority of transactions happen in US dollars, or, to a lesser extent, the Colombian peso . The bolívar is named after the hero of South American independence Simón Bolívar . The bolívar was introduced by President Guzman Blanco , who around one hundred years after Simón Bolívar's birth, undertook various projects to honour his contribution to Venezuelan history. The coin appeared in
8820-399: The economy. On 8 January 2010, the value was changed by the government from the fixed exchange rate of Bs.F 2.15 to Bs.F 2.60 for some imports (certain foods and healthcare goods) and Bs.F 4.30 for other imports like cars, petrochemicals, and electronics. On 4 January 2011, the fixed exchange rate became Bs.F 4.30 for US$ 1.00 for both sides of the economy. On 13 February 2013
8946-414: The eligible Venezuelan population turned out to vote, with 59% of voters deciding to keep the president in power. In January 2005, Chávez began openly proclaiming the ideology of " socialism of the 21st century ", something that was distinct from his earlier forms of Bolivarianism , which had been social democratic in nature, merging elements of capitalism and socialism. He used this new term to contrast
9072-496: The ensuing decade, this would be increased to 90,000 barrels a day (in exchange for 40,000 Cuban medics and teachers), dramatically aiding the Caribbean island's economy and standard of living after its " Special Period " of the 1990s. However, Venezuela's growing alliance with Cuba came at the same time as a deteriorating relationship with the United States. Chávez opposed of the 2001 American-led invasion of Afghanistan in response to
9198-436: The ensuing violence. Chávez gave himself up to the government and appeared on television, in uniform, to call on the remaining coup members to lay down their arms. Chávez remarked in his speech that they had failed only " por ahora " (for now). Venezuelans, particularly poor ones, began seeing him as someone who stood up against government corruption and kleptocracy . The coup "flopped militarily—and dozens died—but made him
9324-399: The government authorized a new exchange rate for buying, but not selling, currency. On August 13, 2018, the rate was Bs.F 4,010,000 to US$ 1, according to ZOOM Remesas. On 22 March 2018, President Nicolás Maduro announced a new monetary reform program, with a planned revaluation of the currency at a ratio of 1,000 to 1. The change was to be made effective from 4 June 2018. In May 2018,
9450-525: The government required prices to be expressed in both hard bolívares and sovereign bolívares at the then-planned rate of 1,000 to 1. For example, one kilogram of pasta was shown with a price of Bs.F 695,000 and Bs.S 695. Prices expressed in the new currency were rounded to the nearest 50 céntimos as that was expected to be the lowest denomination in circulation at launch. The rounding created difficulties because some items and sales qualities were priced at significantly less than Bs.S 0.50; for example
9576-463: The government retired the protected and subsidized Bs.F 10 per US$ 1 exchange rate that was highly overvalued as a result of rampant inflation. On February 5, 2018, the Central Bank of Venezuela announced a 99.6% [ sic ] devaluation , with the exchange rate going to Bs.F 25,000 per US$ . This made the hard bolívar the second-least-valued circulating currency in the world based on
9702-426: The hard bolívar reached 100 VEF/USD; on 25 February 2015, it went over 200 VEF/USD. on 7 May 2015, it was over 275 VEF/USD and on 22 September 2015, it was over 730 VEF/USD. Venezuela still had the highest inflation rate in the world in July 2015. By 3 February 2016, this rate reached 1,000 VEF/USD. This rate surpassed 4,300 VEF/USD on 10 December 2016. It surpassed 10,000 VEF/USD on 28 July 2017, and on 7 September 2017,
9828-426: The hard bolívar was devalued to Bs.F 6.30 per US$ 1 in an attempt to counter budget deficits. On 18 February 2016, President Maduro used his newly granted economic powers to devalue the official exchange rate of the hard bolívar from Bs.F 6.30 per US$ 1 to Bs.F 10 per US$ 1, which is a 37% depreciation against the US dollar. The hard bolívar entered hyperinflation in November 2016. On January 26, 2018,
9954-403: The hard bolívar were in denominations of 1, 5, 10, 12 + 1 ⁄ 2 , 25, 50 céntimos, and Bs.F 1. They were quickly rendered obsolete by high inflation. It may be noticed that there was a 12 + 1 ⁄ 2 -céntimo coin and a 1-céntimo coin, but no 1 ⁄ 2 -céntimo coin. Therefore, giving correct change for a purchase of, say, 4 + 1 ⁄ 2 céntimos would require using
10080-401: The hard bolívar's banknotes represented very little value and they had become in short supply. Weighing scales could no longer convert mass to price and receipts could no longer fit the numbers on their paper. In June 2018, seven months after its release, the value of the Bs.F 100,000 note (largest denomination), had its value reduced by 98%, from US$ 2.42 (in November 2017) to US$ 0.05, as
10206-435: The introduction of the sovereign bolívar had not prevented hyperinflation. According to inflation analyst Steve Hanke , between 18 August and 21 August 2018, the inflation rate increased from 48,760% to 65,320%. In October 2021, the country removed six zeroes from its currency while adapting a newer version of the bolivar currency system under a project known as "Digital bolivar" . The bolívar digital , lit. "digital bolívar"
10332-521: The judiciary, and by his creation of a parallel government of military cronies". Soon after being established into office, Chávez spent much of his time attempting to abolish existing checks and balances in Venezuela. He appointed new figures to government posts, adding leftist allies to key positions and "army colleagues were given a far bigger say in the day-to-day running of the country". For instance, he put Revolutionary Bolivarian Movement-200 founder Jesús Urdaneta [ es ] in charge of
10458-621: The location of the symbol varies by language. For currencies in English-speaking countries and in most of Latin America, the symbol is placed before the amount, as in $ 20.50 . In most other countries, including many in Europe, the symbol is placed after the amount, as in 20,50€ . Exceptionally, the symbol for the Cape Verdean escudo (like the Portuguese escudo , to which it was formerly pegged )
10584-514: The loyalty of less than 10% of Venezuela's military. After numerous betrayals, defections, errors, and other unforeseen circumstances, Chávez and a small group of rebels found themselves hiding in the Military Museum, unable to communicate with other members of their team. Pérez managed to escape Miraflores Palace . Officially, thirty-two civilians, police officers and soldiers were killed, and fifty soldiers and some eighty civilians injured during
10710-407: The managers and executives of PdVSA and replaced them with political allies, stripping the state-owned company expertise. Much of Chávez's opposition originated from the response to the "cubanization" of Venezuela. Chávez's popularity dropped due to his relationship with Fidel Castro and Cuba, with Chávez attempting to make Venezuela in Cuba's image. Chávez, following Castro's example, consolidated
10836-525: The middle class and the Roman Catholic Church hierarchy who had formerly supported him. Chávez was re-elected with 60% of the vote, a larger majority than his 1998 electoral victory. That year, Chávez improved ideological ties with the Cuban government of Fidel Castro by signing an agreement under which Venezuela would supply Cuba with 53,000 barrels of oil per day at preferential rates, in return receiving 20,000 trained Cuban medics and educators. In
10962-520: The military a mandated role in the government by empowering it to ensure public order and aid national development, which the previous constitution had expressly forbidden. In the new constitution, the country, until then officially known as the Republic of Venezuela, was renamed the Bolivarian Republic of Venezuela (República Bolivariana de Venezuela) at Chávez's request. Chávez's actions following
11088-451: The military overwhelming military locations and communication installations and then establishing Rafael Caldera in power once Pérez was captured and assassinated. Chávez delayed the MBR-200 coup, initially planned for December, until the early twilight hours of 4 February 1992. On that date five army units under Chávez's command moved into urban Caracas. Despite years of planning, the coup quickly encountered trouble since Chávez commanded
11214-423: The minimum state participation in "mixed companies" at 51%, whereby the state-run oil company, Petróleos de Venezuela S.A. (PDVSA), could have joint control with private companies over industry. By 2006, all of the 32 operating agreements signed with private companies during the 1990s had been converted from being primarily or privately-run to being at least 51% controlled by PDVSA. Chávez had also removed many of
11340-666: The modern history of Venezuela and Latin America . His 14-year presidency marked the start of the socialist " pink tide " sweeping Latin America—he supported Latin American and Caribbean cooperation and was instrumental in setting up the pan-regional Union of South American Nations , the Community of Latin American and Caribbean States , the Bolivarian Alliance for the Americas , the Bank of
11466-495: The monetary law of 1879, replacing the short-lived venezolano at a rate of five bolívares to one venezolano. Initially, the bolívar was defined on the silver standard , equal to 4.5 g fine silver, following the principles of the Latin Monetary Union . The monetary law of 1887 made the gold bolívar unlimited legal tender , and the gold standard came into full operation in 1910. Venezuela went off gold in 1930, and in 1934,
11592-499: The names of currencies in Japanese katakana . They are intended for compatibility with earlier character sets. Hugo Ch%C3%A1vez Hugo Rafael Chávez Frías ( / ˈ tʃ ɑː v ɛ z / ; Spanish: [ˈuɣo rafaˈel ˈtʃaβes ˈfɾi.as] ; 28 July 1954 – 5 March 2013) was a Venezuelan politician and military officer who served as the 52nd president of Venezuela from 1999 until his death in 2013, except for
11718-469: The official exchange rate, behind only the Iranian rial , and between September 2017 and August 2018, according to the informal exchange rate, the hard bolívar was the least-valued circulating currency unit in the world. The official exchange rate stood at Bs.F 248,832 to US$ 1 as of August 10, 2018, making it the least-valued circulating currency in the world based on official exchange rates. In June 2018,
11844-413: The old left, as well as the members of the militarist right wing, some of them nostalgic for the dictatorship of Marcos Pérez Jiménez. By May 1998, Chávez's support had risen to 30% in polls, and by August he was registering 39%. Voter turnout was 63%, and Chávez won the election with 56.2% of the vote. Chávez's presidential inauguration took place 2 February 1999. He deviated from the usual words of
11970-565: The pegged subsidised exchange rate until January 2018, which was overpriced so people began using parallel exchange rates despite a ban on publishing them. From 2016 to 2019 and again in 2020, the currency experienced hyperinflation for a total period of 38 months. The rampant inflation prompted another two redenominations. The first occurred in August 2018, when Bs.F 100,000 were exchanged for 1 sovereign bolívar ( bolívar soberano in Spanish, sign : Bs.S , code : VES ). The second one, dubbed
12096-479: The plan. The plan involved 70,000 soldiers, sailors and members of the air force repairing roads and hospitals, removing stagnant water that offered breeding areas for disease-carrying mosquitoes, offering free medical care and vaccinations, and selling food at low prices. Several scandals later affected the program as allegations of corruption were formulated against generals involved in the plan and that significant amounts of money had been diverted. Chávez called
12222-470: The president. The presidential term was extended to six years, and a president was allowed to serve for two consecutive terms. Previously, a sitting president could not run for reelection for 10 years after leaving office. It also replaced the bicameral Congress with a unicameral Legislative Assembly and gave the president the power to legislate on citizen rights, to promote military officers and to oversee economic and financial matters. The assembly also gave
12348-403: The presidential oath when he took it, proclaiming: "I swear before God and my people that upon this moribund constitution I will drive forth the necessary democratic transformations so that the new republic will have a Magna Carta befitting these new times". Freedom in Venezuela suffered following "the decision of President Hugo Chávez, ratified in a national referendum, to abolish congress and
12474-444: The press, manipulated electoral laws, and arrested and exiled government critics. His use of enabling acts and his government's use of propaganda were controversial. Chávez's presidency saw significant increases in the country's murder rate and continued corruption within the police force and the government. Across the political spectrum, Chávez is regarded as one of the most influential and controversial politicians in
12600-481: The rate changed to 100,000 to 1, with prices being required to be expressed at the new rate starting 1 August 2018. On 20 August 2018, the Maduro government launched the new sovereign bolívar currency, with Bs.S 1 worth Bs.F 100,000. New coins in denominations of 50 céntimos and Bs.S 1, and new banknotes in denominations of Bs.S 2, Bs.S 5, Bs.S 10, Bs.S 20, Bs.S 50, Bs.S 100, Bs.S 200 and Bs.S 500 were introduced. Under
12726-404: The rate surpassed 20,000 VEF/USD for the first time. Inflation accelerated, and on 1 December 2017, it reached 100,000 VEF/USD for the first time ever. The rate surpassed 200,000 VEF/USD on 18 January 2018, then 500,000 VEF/USD on 16 April, 1 million VEF/USD on 30 May, 2 million VEF/USD on 7 June, and 5 million VEF/USD on 16 August. At the time of redenomination on 20 August 2018, the exchange rate
12852-567: The ratification the 1999 Venezuelan constitution government weakened many of Venezuela's checks and balances, allowing the government to control every branch of the Venezuelan government for over 15 years after it passed until the Venezuelan parliamentary election in 2015 . In May 2000 he launched his own Sunday morning radio show, Aló Presidente ( Hello, President ), on the state radio network. This followed an earlier Thursday night television show, De Frente con el Presidente ( Face to Face with
12978-404: The release of the new currency, the minimum wage was raised to Bs.S 1,800 per month, a 33-fold increase, and sales tax increased from 12% to 16%. Additionally, the sovereign bolívar was supposed to have a fixed exchange rate to the petro cryptocurrency , with a rate of Bs.S 3,600 to one petro; a peg of petro and sovereign bolívar was announced by Maduro as early as August 2018. The petro
13104-562: The return of the bolívares that were supposedly stockpiled. The government justified the move claiming that the United States was working with crime syndicates to spirit away Venezuela's paper money to warehouses in Europe to cause the fall of the government. The government was thwarting this threat by withdrawing the notes from circulation. On 14 February 2017, Paraguayan authorities uncovered a 30-tonne stash of Bs.F 50 and Bs.F 100 notes totaling Bs.F 1.5 billion on its Brazilian border that had not yet been circulated. According to
13230-442: The same day. Going into the elections, Chávez had control of all three branches of government. For the position of president, Chávez's closest challenger proved to be his former friend and co-conspirator in the 1992 coup, Francisco Arias Cárdenas , who since becoming a governor of Zulia state had turned towards the political centre and begun to denounce Chávez as autocratic. Some of his supporters feared that he had alienated those in
13356-538: The slogan Con mis hijos no te metas ("Don't mess with my children"). Although the protesters were denounced by Chávez, who called them "selfish and individualistic", the protest was successful enough for the government to retract the proposed education reforms and instead enter into a consensus-based educational program with the opposition. Later into 2001, an organization known as the Coordinadora Democrática de Acción Cívica (Democratic Coordinator, CD)
13482-404: The son of Maximum Leader Omar Torrijos , the leftist dictator of Panama, Chávez visited Panama, where he met with Torrijos, and was impressed with his land reform program that was designed to benefit the peasants. Influenced by Torrijos and Velasco he saw the potential for military generals to seize control of a government when the civilian authorities were perceived as serving the interests of only
13608-431: The state-run oil company Petroleos de Venezuela . Chávez initially believed that capitalism was still a valid economic model for Venezuela, but only Rhenish capitalism , not neoliberalism . Low oil prices made Chavez's government reliant on international free markets during his first months in office, when he showed pragmatism and political moderation, and continued to encourage foreign investment in Venezuela. During
13734-500: The symbol is rendered on computers and typesetting. For a new symbol to be used, its glyphs needs to be added to computer fonts and keyboard mappings already in widespread use, and keyboard layouts need to be altered or shortcuts added to type the new symbol. For example, the European Commission was criticized for not considering how the euro sign would need to be customized to work in different fonts. The original design
13860-478: The time as the kino (lottery) or the "keys of Chávez". Chávez obtained 51% of the votes, but his supporters took 95% of the seats, 125 in total, including all of the seats assigned to indigenous groups, while the opposition won six seats. On 12 August 1999, the new constituent assembly voted to give themselves the power to abolish government institutions and to dismiss officials who were perceived as corrupt or as operating only in their own interests. Opponents of
13986-409: The tremendous loss of expertise. By 2005, the members of Venezuela's energy ministries stated it would take more than 15 years for PDVSA to recover from Chávez's actions. The 1999 constitution had introduced the concept of a recall referendum into Venezuelan politics, so the opposition called for such a referendum to take place. The resulting 2004 referendum to recall Chávez was unsuccessful. 70% of
14112-402: The vote, was elected president of Venezuela in 1998 . He was reelected in the 2000 Venezuelan general election with 59.8% of the vote and again in the 2006 Venezuelan presidential election , with 62.8% of the vote. After winning his fourth term as president in the 2012 Venezuelan presidential election with 55.1% of the vote, he was to be sworn in on 10 January 2013. However, the inauguration
14238-454: The wealthy elites. Chávez later said, "With Torrijos, I became a Torrijist. With Velasco I became a Velasquist. And with Pinochet, I became an anti-Pinochetist". In 1975, Chávez graduated from the military academy as one of the top graduates of the year. Following his graduation, Chávez was stationed as a communications officer at a counterinsurgency unit in Barinas. In 1977, Chávez's unit
14364-510: Was 59.21 VES/USD. By the end of the month it reached 87 VES/USD. The rate then surpassed 100 VES/USD on 3 October 2018, 1,000 VES/USD on 9 January 2019, 10,000 VES/USD on 19 July, 100,000 VES/USD on 6 April 2020, and reached the 1,000,000 VES/USD on 23 November 2020. According to DolarToday , the parallel exchange rate was 4,146,022 VES/USD as of 30 August 2021. It is illegal to publish the " parallel exchange rate " in Venezuela. One website that has been publishing parallel exchange rates since 2010
14490-559: Was a part of Venezuela's economic collapse , caused the hard bolívar's value to plummet. The Bs.F 2 and Bs.F 5 notes were no longer found in circulation due to the hyperinflation, but remained legal tender. By December 2016, the Bs.F 100 note, the largest denomination, was only worth about US$ 0.23 on the black market. On 7 December 2016, a new series of banknotes (recolors of the previous notes) in denominations of Bs.F 500, Bs.F 1,000, Bs.F 2,000, Bs.F 5,000, Bs.F 10,000, and Bs.F 20,000 were unveiled to
14616-402: Was also exceptionally wide. These two factors have led to most type foundries designing customized versions that match the 'look and feel' of the font to which it is to be added, often with reduced width. & U+FFE6 ￦ FULLWIDTH WON SIGN Some of these symbols may not display correctly. The Unicode CJK Compatibility block contains several square versions of
14742-538: Was cancelled due to his cancer treatment , and on 5 March at age 58, he died in Caracas . Following the adoption of the 1999 Venezuelan Constitution , Chávez focused on enacting social reforms as part of the Bolivarian Revolution . Using record-high oil revenues of the 2000s, his government nationalized key industries, created participatory democratic Communal Councils and implemented social programs known as
14868-405: Was finalised in January 2004. Under the new constitution, it was legally required that new elections be held in order to re-legitimize the government and president. This presidential election in July 2000 would be a part of a greater "megaelection", the first time in the country's history that the president, governors, national and regional congressmen, mayors and councilmen would be voted for on
14994-728: Was founded, under which the Venezuelan opposition political parties, corporate powers, most of the country's media, the Venezuelan Federation of Chambers of Commerce , the Institutional Military Front and the Central Workers Union all united to oppose Chávez's regime. The prominent businessman Pedro Carmona (1941–) was chosen as the CD's leader. The Coordinadora Democrática and other opponents of Chávez's Bolivarian government accused it of trying to turn Venezuela from
15120-510: Was introduced for all denominations from 25 céntimos up to 5 bolívares in 1989. In 1998, after a period of high inflation, a new coinage was introduced in denominations of Bs. 10, Bs. 20, Bs. 50, Bs. 100 and Bs. 500. The former coins were: All the coins had the same design. On the obverse the left profile of the Libertador Simón Bolívar is depicted, along with the inscription " Bolívar Libertador " within
15246-474: Was introduced on 1 October 2021 at a rate of Bs.S 1,000,000 to 1 digital bolívar. Since its announcement, the Central Bank has used the abbreviation "Bs." (i.e., not "Bs.D") in examples of prices marked in digital bolívares. The digital bolívar did not replace the sovereign bolívar, since sovereign bolívar banknotes continued to be accepted at a ratio of 1 million to 1. For example, the Bs.S 500,000 banknote
15372-442: Was pegged to the US dollar at a fixed exchange rate of Bs. 1,600 to the dollar. The government announced on 7 March 2007 that the bolívar would be redenominated at a ratio of 1,000 to 1 on 1 January 2008 and renamed the bolívar fuerte , or hard bolívar in an effort to facilitate the ease of transaction and accounting. The newer name literally means "hard bolívar", as in hard currency , and in reference to an old coin called
15498-453: Was supposedly tied to the price of a barrel of oil (about US$ 60 in August 2018). As of the end of August 2018, there was no evidence that the cryptocurrency was being traded. Petro was regarded by many as a scam. On January 15, 2024, Petro was shut down and any remaining holdings were liquidated. Following the introduction of the sovereign bolívar, inflation increased from 61,463% on 21 August 2018 to 65,320% on 22 August 2018. By 24 August 2018,
15624-462: Was to moderate his approach, implementing a new economic team that appeared to be more centrist and reinstated the old board of directors and managers of the state oil company Petróleos de Venezuela S.A. (PDVSA), whose replacement had been one of the reasons for the coup. At the same time, the Bolivarian government began to increase the country's military capacity, purchasing 100,000 AK-47 assault rifles and several helicopters from Russia, as well as
15750-402: Was transferred by army escort to La Orchila ; business leader Pedro Carmona declared himself president of an interim government. Carmona abolished the 1999 constitution and appointed a governing committee. Protests in support of Chávez along with insufficient support for Carmona's government quickly led to Carmona's resignation, and Chávez was returned to power on 14 April. Chávez's response
15876-472: Was transferred to Anzoátegui , where they were involved in battling the Red Flag Party , a Marxist– Hoxhaist insurgency group. After intervening to prevent the beating of an alleged insurgent by other soldiers, Chávez began to have his doubts about the army. In 1977, he founded a revolutionary movement within the armed forces, in the hope that he could one day introduce a leftist government to Venezuela:
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