The currency of Venezuela is the Venezuelan bolívar, abbreviated as VES. Over the years, the bolívar has undergone significant devaluations and monetary reforms due to hyperinflation and economic instability in the country. In an effort to stabilize the currency, the government introduced a new version of the bolívar in 2018, known as the "bolívar soberano." Despite these changes, the Venezuelan economy has faced numerous challenges, making everyday transactions difficult and affecting the purchasing power of its citizens. Consequently, many Venezuelans have turned to alternative currencies, like the US dollar, for commerce and savings.