NPR to VEF

NPR - Nepalese Rupee (₨)

Nepalese Rupee

The Rupee is the official currency of Nepal and is divided into 100 paisa. The Nepal Rastra Bank controls the issuing of currency. Unlike many countries, Nepal has three main exchange rates: the Rastra Bank rates (the government’s official rate), the private banks’ rate (slightly more generous), and the black market rate (the most generous, set by carpet shops and travel agents). When you leave Nepal from the Kathmandu airport, you will be limited on how many Rupees you can convert back to foreign currency. Only up to 10% of total of all receipts for exchanges from foreign currency into rupees will be converted back to international currencies.

The Nepalese Rupee is the currency in Nepal (NP, NPL). The symbol for NPR can be written NRs. The Nepalese Rupee is divided into 100 paise. The exchange rate for the Nepalese Rupee was last updated on January 18, 2019 from The International Monetary Fund. The NPR conversion factor has 6 significant digits.

Economy

• Nepal’s GDP was most recently estimated at over US$12 billion (2008). GDP is comprised primarily of services (41%) and agriculture (40%), though agriculture employs roughly 75% of the country’s 10 million person workforce. The major types of produce include tea, rice, corn, wheat, sugarcane, milk, and water buffalo meat. Skilled labor represents one of the biggest impediments to economic growth.
• Roughly 25% of the population lives below the international poverty line (US$1.25 per day). Nepal is a recipient of aid from many Asian, North American, and European nations.
• Exports primarily consist of commodities (gold, machinery, petroleum products, fertilizer), textiles (carpets, leather goods, clothing), and grains.

History

• In 1932, the Rupee was introduced, replacing the silver Mohar at a rate of two Mohar = one Rupee. In Nepalese, mohru was the first name of the Rupee.
• In 1933, the value of the Nepalese Rupee was pegged to the Indian Rupee at a rate of 1.6 Nepalese Rupees = 1 Indian Rupee.
• In the 1940s and 1950’s, coins were made from nickel, brass, and bronze.
• In 1966, aluminum coins were introduced to replace the smaller denomination 1, 2, and 5 paisa, and brass coins replaced the 10 paisa coin.
• Banknotes were introduced in 1951, in 1, 5, 10, and 100 Rupee denominations. 500 and 1,000 Rupee notes were added in 1972.

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VEF - Venezuelan Bolívar (Bs.)

Venezuelan Bolívar

The Bolívar Fuerte has been the official currency of Venezuela since January 1, 2008. It is subdivided into 100 céntimos and replaced the Bolivar at the rate of Bs.F. 1 = Bs. 1,000 due to inflation.

The Venezuelan Bolivar Fuerte is the currency in Venezuela (VE, VEN). The Venezuelan Bolivar Fuerte is also known as Bolivars, and Bolívar. The symbol for VEF can be written Bs. F. The Venezuelan Bolivar Fuerte is divided into 100 centimos. The exchange rate for the Venezuelan Bolivar Fuerte was last updated on August 23, 2018 from Bloomberg. The VEF conversion factor has 4 significant digits.

Economy

• The economy of Venezuela is largely based on the petroleum sector, which accounts for roughly a third of the GDP, around 80% of total exports, and more than half of government operating revenues.
• Venezuela is the fifth-largest member of OPEC by oil production.
• From the 1950s to the early 1980s the Venezuelan economy experienced a steady growth that attracted many immigrants.
• During the collapse of oil prices in the 1980s the economy contracted. With high oil prices and rising government expenditures, Venezuela's economy grew by 9% in 2007, but was expected to shrink by 2.9% in 2009 and further in 2010.
• Venezuela has one of the highest inflation rates in the world, averaging 29.1% in 2010, according to the CIA world fact book.

History

• The Bolivar was adopted by the monetary law of 1879, replacing the short-lived venezolano at a rate of 5 Bolivares = 1 Venezolano.
• Initially, the Bolívar was 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 the gold standard in 1930, and in the 1934 the Bolívar exchange rate was fixed in terms of the US Dollar at a rate of 3.914 Bolivares = 1 USD.
• In 1937, it was revalued to 3.18 Bolivares = 1 USD, a rate which lasted until 1941.
• Until February 18, 1983, now called Black Friday by many Venezuelans, the Bolívar had been the most stable and internationally accepted currency.

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