Transfer of money between the United States and Bolivia for various reasons takes place regularly. In 2016, around U.S. $148 million was sent as remittances from the United States to Bolivia. In the same year, around U.S. $8 million made its way in the opposite direction as remittances. In 2017, trade of goods between both countries accounted for more than U.S. $1.16 billion dollars.
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- Two Transfers Fee Free
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- $250 / £100 / €250
The United States adopted the U.S. dollar as legal tender in 1792. Now, its official use is also found in El Salvador, Ecuador, Zimbabwe, the Federated States of Micronesia, Turks and Caicos Islands, the British Virgin Islands, two British Overseas Territories, and the Caribbean. Some of the countries where it is used unofficially include Belize, Haiti, Costa Rica, Myanmar, and Cambodia.
The U.S. dollar continues to maintain its position as the world’s most commonly traded currency rather comfortably. It is also on the number one spot when it comes to global reserve currencies. In April 2016, the international foreign exchange market turnover share of the U.S. dollar exceeded 87%. According to estimates, over U.S. $5 trillion is traded through the forex market every day.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The first Bolivian boliviano served as Bolivia’s official currency from 1864 to 1963. One bolivar equaled 10 bolivianos. The peso boliviano replaced the Bolivian boliviano in 1963. It served as the country’s official currency until 1987, at which point it was replaced by the second Bolivian boliviano. The boliviano replaced the peso at the rate of one million pesos = one boliviano.
|Bank notes||Bs10, Bs20, Bs50, Bs100, Bs200|
|Coins||10, 20, 50 centavos, Bs1, Bs2, Bs5|
U.S. Dollar / Bolivian Boliviano Historical Rates
When the second Bolivian boliviano was introduced in 1987, it traded almost at par with the U.S. dollar. The Central Bank of Bolivia allowed the value of the boliviano to float freely. From 1987 to mid 2005, the value of the boliviano against the U.S. dollar fell almost consistently.
By early 1996, the boliviano traded at over Bs5 against the U.S. dollar. It breached the Bs6 mark against the U.S. dollar in early 2000, and traded at over Bs7 by early 2002. It traded at an all time high of over Bs8 against the U.S dollar in mid 2005.
The value of the Bolivian boliviano saw some improvement against the U.S. dollar from mid 2005 to mid 2007, by which point it was trading at around Bs7.94. The 2007 to 2008 financial crisis then had an even more pronounced positive effect on the value of the boliviano. My mid 2008, the boliviano traded at below Bs7 against the U.S. dollar.
From mid 2008 until October 2018, the value of the boliviano has maintained relative stability against the U.S. dollar, trading at largely in between Bs6.8 and Bs7.05.
USD/BOB in the last five years
|U.S. $1 =|
|1 July, 2013||Bs6.9100|
|1 July, 2014||Bs6.9100|
|1 July, 2015||Bs6.9000|
|1 July, 2016||Bs6.9450|
|1 July, 2017||Bs6.9750|
USD/BOB in the last five months
|U.S. $1 =|
|1 June, 2018||Bs6.9350|
|1 July, 2018||Bs6.9150|
|1 August, 2018||Bs6.9250|
|1 September, 2018||Bs6.9250|
|1 October, 2018||Bs6.9117|
What Affects USD/BOB Rates?
The government of Bolivia has tried to target inflation since the introduction of the second boliviano. It has done this by implementing policies that promote foreign investment as well as by partial privatization of the country’s public-sector businesses. However, these measures appear to have done little good for the value of the boliviano.
Bolivia’s decision to follow a strong currency policy in recent times seems to have worked in favor of the boliviano. The country’s central bank has prioritized maintaining a strong exchange rate against most major currencies, especially the U.S. dollar. This is why the USB/BOB exchange rate has maintained relative stability since mid 2008. While this measure has proven to be largely popular with the local population, its effect on the country’s export sector has been none too pleasant.
The USD/BOB exchange rate might experience fluctuations in case of unexpected political or economic developments in the U.S. or in Bolivia. For instance, political stability in Bolivia might work well for the value of the boliviano. Another factor that might have a bearing on how the USD/BOB currency pair performs is changing interest rates in both countries.
Sending money from Bolivia to the United States or the other way around requires that you look beyond the USD/BOB exchange rate. Bear in mind that the cost of your transfer also depends on the fees you need to pay. Besides, promotional offers might lead to added savings.