VEF to MXN

VEF - Venezuelan Bolívar (Bs.)
MXN - Mexican Peso ($)
1 VEF1 MXN

Currency conversion rates from VEF to MXN

VEFMXN
1 VEF1 MXN
5 VEF5 MXN
10 VEF10 MXN
20 VEF20 MXN
50 VEF50 MXN
100 VEF100 MXN
250 VEF250 MXN
500 VEF500 MXN
1000 VEF1000 MXN
2000 VEF2000 MXN
5000 VEF5000 MXN
10000 VEF10000 MXN
MXNVEF
1 MXN1 VEF
5 MXN5 VEF
10 MXN10 VEF
20 MXN20 VEF
50 MXN50 VEF
100 MXN100 VEF
250 MXN250 VEF
500 MXN500 VEF
1000 MXN1000 VEF
2000 MXN2000 VEF
5000 MXN5000 VEF
10000 MXN10000 VEF

MXN - Mexican Peso (Mex$)

The Mexican peso is the currency of Mexico. Its currency code is MXN and its symbol is $. To distinguish it from other currencies using the $ symbol, the peso is sometimes written as M$, MX$, or MEX$. The symbol MXN replaced the former symbol, MXP. The peso has a conversion factor of 6 significant digits, and is fiat currency. The most popular peso exchange is with the US dollar.

The Mexican Peso was initially based on Spain’s official currency, which is the silver dollar. The Mexican name originated from the 8-real coins that were issued by Spain for Mexico, which were cast from pure silver. It was the first currency to use a discrete border and accurate weight to guard against counterfeits, which made it very popular.

The Mexican Peso is the currency in Mexico (MX, MEX). The symbol for MXN can be written Mex$. The Mexican Peso is divided into 100 centavos. The exchange rate for the Mexican Peso was last updated on Today from The International Monetary Fund. The MXN conversion factor has 6 significant digits.

Economy

  • The Mexican economy is supported by the private sector. And its economy was based on manufacturing, though agricultural sector went down, it was still considered the source of employment.
  • The Mexican economy went from a deep transformation since 1980s, which is a result of economic laissez-faire and becoming a member of the North American Free-Trade Agreement.
  • In 2003, mining reached a GDP of 1.4%, yet it devalues the significance of oil production in the economy. Oil exports symbolized 11.3% of the entire export earning of the country.

History

  • In the late 18th century, the Mexican Peso was used as a benchmark for all North American countries. On July 6, 1785, the US Dollar was valued at a rate comparable to the Peso, and was widely used as currency in the United States well after USD bills were introduced.
  • After gaining independence from Spain in 1821, Mexico continued to use the Peso as its currency.
  • In 1863, the first centavo coins were issued; a centavo was one-hundredth of a Peso. Another series of 1 peso coins was issued the following year until 1897.
  • In 1905, the value of golden Peso was reduced to 49.3%, but the silver Peso remained unchanged.
  • After the Oil Crisis of the 1970s, Mexico faced many years of inflation and debt defaults, leading to the replacement of the currency with the Nuevo Peso. The Nuevo Peso was valued at 1000 Mexican Pesos.

More information about MXN - Mexican Peso (Mex$)


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.

More information about VEF - Venezuelan Bolívar (Bs.)