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131-813: The president of Venezuela (Spanish: Presidente de Venezuela ), officially known as the president of the Bolivarian Republic of Venezuela (Spanish: Presidente de la República Bolivariana de Venezuela ), is the head of state and head of government in Venezuela . The president leads the National Executive of the Venezuelan government and is the commander-in-chief of the National Bolivarian Armed Forces . Presidential terms were set at six years with
262-482: 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
393-434: A head of government or a cabinet minister or in other cases (possibly as a message, for instance, to distance themselves without rendering offence) just a military officer or civil servant. For non-executive heads of state there is often a degree of censorship by the politically responsible government (such as the head of government ). This means that the government discreetly approves agenda and speeches, especially where
524-423: 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
655-473: 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 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,
786-573: A bill to the Supreme Court to test its constitutionality, which are used under the president's discretion. The most extreme non-executive republican head of state is the President of Israel , which holds no reserve powers whatsoever. The least ceremonial powers held by the president are to provide a mandate to attempt to form a government, to approve the dissolution of the Knesset made by
917-518: A ceremonial figurehead with no independent discretionary powers related to the governance of Japan. Since the passage in Sweden of the 1974 Instrument of Government , the Swedish monarch no longer has many of the standard parliamentary system head of state functions that had previously belonged to him or her, as was the case in the preceding 1809 Instrument of Government . Today, the speaker of
1048-415: A dependent territory, the same role is fulfilled by the holder of an office corresponding to that of a head of state. For example, in each Canadian province the role is fulfilled by the lieutenant governor , whereas in most British Overseas Territories the powers and duties are performed by the governor . The same applies to Australian states , Indian states , etc. Hong Kong 's constitutional document,
1179-431: 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, 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,
1310-537: 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
1441-429: A host role during a state visit , and the programme may feature playing of the national anthems by a military band , inspection of military troops , official exchange of gifts, and attending a state dinner at the official residence of the host. At home, heads of state are expected to render lustre to various occasions by their presence, such as by attending artistic or sports performances or competitions (often in
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#17327726723851572-409: 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
1703-498: A majority support in the legislature (or, at least, not a majority opposition – a subtle but important difference). It also gives the legislature the right to vote down the head of government and their cabinet, forcing it either to resign or seek a parliamentary dissolution. The executive branch is thus said to be responsible (or answerable) to the legislature, with the head of government and cabinet in turn accepting constitutional responsibility for offering constitutional advice to
1834-763: A matter of convention, the presidency has been held simultaneously by the General Secretary of the Chinese Communist Party , the top leader in the one party system . The presidency is officially regarded as an institution of the state rather than an administrative post; theoretically, the President serves at the pleasure of the National People's Congress , the legislature, and is not legally vested to take executive action on its own prerogative. While clear categories do exist, it
1965-583: A mention or signature; and public places, streets, monuments and institutions such as schools are named for current or previous heads of state. In monarchies (e.g., Belgium) there can even be a practice to attribute the adjective "royal" on demand based on existence for a given number of years. However, such political techniques can also be used by leaders without the formal rank of head of state, even party - and other revolutionary leaders without formal state mandate. Heads of state often greet important foreign visitors, particularly visiting heads of state. They assume
2096-553: A new election is called within 30 days. Noting that the 2018 presidential election failed to adhere to constitutional requirements, the National Assembly contend that Maduro's second term never began, and the seat is vacant. On 11 January, Juan Guaidó of the Popular Will party and president of the legislature stated that he was prepared to take on the role of acting president. With the National Assembly recognizing
2227-785: A notable feature of constitutions in the Americas , including those of Argentina , Brazil , Colombia , El Salvador , Mexico and Venezuela ; this is generally attributed to the strong influence of the United States in the region, and as the United States Constitution served as an inspiration and model for the Latin American wars of independence of the early 19th century. Most presidents in such countries are selected by democratic means (popular direct or indirect election); however, like all other systems,
2358-416: A parliamentary system (such as India, Germany, Austria, Italy and Israel), the head of state is usually titled president and the principal functions of such presidents are mainly ceremonial and symbolic, as opposed to the presidents in a presidential or semi-presidential system. In reality, numerous variants exist to the position of a head of state within a parliamentary system. The older the constitution,
2489-445: A popular recall referendum any time within the last three years of a presidential term. A 2009 referendum removed the previous restrictions which limited the president to 2 terms. From 1958 to 1999, the presidential term was set at five years. A sitting president was not only barred from immediate reelection, but could not run again for 10 years (equivalent to two full terms) after leaving office. The president may be recalled after
2620-545: 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 a rate of Bs.F 1 to Bs. 1,000 (the abbreviation Bs.
2751-439: A referendum to allow him to resume his monarchical powers and duties, but because of the ongoing controversy he ultimately abdicated.) The Belgian constitutional crisis in 1990, when the head of state refused to sign into law a bill permitting abortion, was resolved by the cabinet assuming the power to promulgate the law while he was treated as "unable to reign" for twenty-four hours. These officials are excluded completely from
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#17327726723852882-442: A series of democratic governments, as an exception where most of the region was ruled by military dictatorships, and the period was characterized by economic prosperity. The Venezuelan presidential crisis was a political crisis concerning the leadership and who holds the office remained disputed until 5 January 2023. It began when the opposition-majority National Assembly declared that incumbent Nicolás Maduro 's 2018 re-election
3013-517: A specific time in office. Presidents of Venezuela who served under the 1864 constitution (starting with Juan Crisóstomo Falcón ) bore the title of "President of the Union", instead of the usual "President of the Republic" still used today. Aside from that, all heads of state of the country since 1811 have held the title of "President of Venezuela", with minor variations regarding the official name of
3144-507: A theatrical honour box, on a platform, on the front row, at the honours table), expositions, national day celebrations , dedication events, military parades and war remembrances, prominent funerals, visiting different parts of the country and people from different walks of life, and at times performing symbolic acts such as cutting a ribbon , groundbreaking , ship christening , laying the first stone. Some parts of national life receive their regular attention, often on an annual basis, or even in
3275-836: A vacuum in the office of the president, and citing Article 233 of the Venezuelan Constitution, Guaidó was declared acting president of Venezuela by that body on 16 January. The legislature approved the Statute Governing the Transition to Democracy to Re-establish the Validity of the Constitution of the Bolivarian Republic of Venezuela ( Spanish : Estatuto que Rige la Transición a la Democracia para Restablecer la Vigencia de la Constitución de la República Bolivariana De Venezuela ) on 5 February, defining
3406-833: 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
3537-558: Is defined in the constitution as "the symbol of the State and of the unity of the people" (article 1), and is generally recognised throughout the world as the Japanese head of state. Although the emperor formally appoints the prime minister to office, article 6 of the constitution requires him to appoint the candidate "as designated by the Diet", without any right to decline appointment. He is
3668-451: 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 the pegged subsidised exchange rate until January 2018, which
3799-725: Is headed by a general or flag officer. Since 1900, the official workplace of the president is the Palace of Miraflores in Caracas . The presidential residence has been the palace of La Casona since 1964, instituted by president Raúl Leoni . La Casona is not used by incumbent president Maduro , who has decided not to inhabit it. The presidential designation encompasses only those persons who were sworn into office as President of Venezuela following Venezuela's declaration of independence from Spanish colonial rule , which took effect on 5 July 1811. The first president, taking office on 5 July 1811,
3930-436: Is not the head of government, but still has significant powers, for example Morocco . In contrast, a semi-presidential system , such as France , has both heads of state and government as the de facto leaders of the nation (in practice they divide the leadership of the nation between themselves). Meanwhile, in presidential systems , the head of state is also the head of government. In one-party ruling communist states ,
4061-561: Is sometimes difficult to choose which category some individual heads of state belong to. In reality, the category to which each head of state belongs is assessed not by theory but by practice. Constitutional change in Liechtenstein in 2003 gave its head of state, the Reigning Prince , constitutional powers that included a veto over legislation and power to dismiss the head of government and cabinet. It could be argued that
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4192-491: Is to say, 67,469.76 VEF (as of February 2015). The Presidential Honor Guard Brigade [ es ] of Venezuela is in charge of the president's protection, as well as the presidential family and their political peers. The Presidential Guard of Honor is made up of members from the four service branches of the National Bolivarian Armed Forces and other institutions of public security, and
4323-474: 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
4454-457: The Basic Law , for example, specifies the chief executive as the head of the special administrative region, in addition to their role as the head of government. These non-sovereign-state heads, nevertheless, have limited or no role in diplomatic affairs, depending on the status and the norms and practices of the territories concerned. In parliamentary systems the head of state may be merely
4585-533: The National Assembly ( legislature ) and is thus similar, in principle, to a head of government in a parliamentary system but is also, in addition, recognised as the head of state. The offices of president of Nauru and president of Botswana are similar in this respect to the South African presidency. Panama , during the military dictatorships of Omar Torrijos and Manuel Noriega ,
4716-434: 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
4847-401: The National Assembly declared that—following the expiration of the mandate granted through the 2013 presidential election —Maduro would have no constitutional mandate to govern Venezuela if he was sworn in on 10 January . Article 233 of the Venezuelan Constitution establishes that in the event of a presidential vacuum, the president of the National Assembly takes charge of the presidency until
4978-640: The Reichstag , which was expected, in normal circumstances, to be answerable to the Reichstag. Initially, the president was merely a symbolic figure with the Reichstag dominant; however, persistent political instability, in which governments often lasted only a few months, led to a change in the power structure of the republic, with the president's emergency powers called increasingly into use to prop up governments challenged by critical or even hostile Reichstag votes. By 1932, power had shifted to such an extent that
5109-451: The State of Venezuela became independent from Gran Colombia, the office of the president was restored under José Antonio Páez . Every head of state of Venezuela since then has held the title of president. During the 19th century, Venezuela suffered political turmoil and autocracy, remaining dominated by regional military dictators until the mid-20th century. Since 1958, the country has had
5240-488: The United Nations has continued to recognize the Maduro presidency as the legal representative of Venezuela as of December 2019. In December 2022, three of the four main political parties ( Justice First , Democratic Action and A New Era ) backed and approved a reform to dissolve the interim government and create a commission of five members to manage foreign assets, as deputies sought a united strategy ahead of
5371-587: The United Socialist Party of Venezuela (PSUV) entered the office as interim president on 5 March 2013 after the death of Hugo Chávez , and was elected in the 2013 presidential election . He was reelected in the 2018 presidential election , which was disputed amid charges of irregularities including: the elections were held four months before the prescribed date, multiple major opposition parties were banned from participating or imprisoned, and there were charges of vote-buying. On 5 January 2019,
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5502-496: The Viceroy and Governor-General of India . Head of state is the highest-ranking constitutional position in a sovereign state. A head of state has some or all of the roles listed below, often depending on the constitutional category (above), and does not necessarily regularly exercise the most power or influence of governance. There is usually a formal public ceremony when a person becomes head of state, or some time after. This may be
5633-590: The constitution : The president's salary directly derives from the National Treasury, as stated in the Organic Law of Salaries, Pensions and Retirements of High Officials of the Public Power. During his or her tenure, the president may not be employed by anyone else, nor receive any other salary from the state. The president's salary is not to be superior to twelve monthly minimum wages , that
5764-413: The constitutionally socialist state type inspired by the former Union of Soviet Socialist Republics (USSR) and its constitutive Soviet republics , real political power belonged to the sole legal party. In these states, there was no formal office of head of state, but rather the leader of the legislative branch was considered to be the closest common equivalent of a head of state as a natural person . In
5895-720: The de facto Soviet leader at the moment. For example, Nikita Khrushchev never headed the Supreme Soviet but was First Secretary of the Central Committee of the Communist Party (party leader) and Chairman of the Council of Ministers ( head of government ). This may even lead to an institutional variability, as in North Korea , where, after the presidency of party leader Kim Il Sung , the office
6026-464: The head of government and more. In a parliamentary system , such as India or the United Kingdom , the head of state usually has mostly ceremonial powers, with a separate head of government. However, in some parliamentary systems, like South Africa , there is an executive president that is both head of state and head of government. Likewise, in some parliamentary systems the head of state
6157-507: The high contracting party with respect to international treaties. The remaining official functions of the sovereign, by constitutional mandate or by unwritten convention, are to open the annual session of the Riksdag, receive foreign ambassadors and sign the letters of credence for Swedish ambassadors, chair the foreign advisory committee, preside at the special Cabinet council when a new prime minister takes office, and to be kept informed by
6288-529: The personification of the Canadian state and is described by the Department of Canadian Heritage as the "personal symbol of allegiance, unity and authority for all Canadians". In many countries, official portraits of the head of state can be found in government offices, courts of law, or other public buildings. The idea, sometimes regulated by law, is to use these portraits to make the public aware of
6419-426: 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
6550-465: The presidential elections scheduled for 2024, stating that the interim government had failed to achieve the goals it had set. According to articles 227 and 229 of the Constitution of Venezuela , adopted in 1999, the following requirements must be met in order to become President of Venezuela: The current presidential term is for six years with the constitutionally guaranteed recourse of holding
6681-404: 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
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#17327726723856812-482: The "imperial model", because the executive officials of the government are answerable solely and exclusively to a presiding, acting head of state, and is selected by and on occasion dismissed by the head of state without reference to the legislature. It is notable that some presidential systems, while not providing for collective executive accountability to the legislature, may require legislative approval for individuals prior to their assumption of cabinet office and empower
6943-583: 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 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,
7074-418: 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
7205-558: 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
7336-996: 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
7467-487: The German president, Paul von Hindenburg , was able to dismiss a chancellor and select his own person for the job, even though the outgoing chancellor possessed the confidence of the Reichstag while the new chancellor did not. Subsequently, President von Hindenburg used his power to appoint Adolf Hitler as Chancellor without consulting the Reichstag. Note: The head of state in a "presidential" system may not actually hold
7598-502: The Republic of Venezuela" (Jefe Supremo de la República de Venezuela) from 1819 until 1830. In 1830, José Antonio Páez declared Venezuela independent from Gran Colombia and became president, taking office on 13 January 1830. Although he was not the first president of Venezuela (having in mind Cristóbal Mendoza in 1811), he was the first head of state of independent Venezuela, after the dissolution of Gran Colombia. From that point on, five constitutions were adopted, all slightly changing
7729-520: The Riksdag appoints (following a vote in the Riksdag ) the prime minister and terminates their commission following a vote of no confidence or voluntary resignation. Cabinet members are appointed and dismissed at the sole discretion of the prime minister. Laws and ordinances are promulgated by two Cabinet members in unison signing "On Behalf of the Government" and the government—not the monarch—is
7860-944: The Soviet Union this position carried such titles as Chairman of the Central Executive Committee of the USSR ; Chairman of the Presidium of the Supreme Soviet ; and in the case of the Soviet Russia Chairman of the Central Executive Committee of the All-Russian Congress of Soviets (pre-1922), and Chairman of the Bureau of the Central Committee of the Russian SFSR (1956–1966). This position may or may not have been held by
7991-549: 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
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#17327726723858122-608: The adoption of the 1999 Constitution of Venezuela , and presidential term limits were removed in 2009. The office of president in Venezuela has existed since the 1811 Venezuelan Declaration of Independence from the Spanish Crown ; the first president was Cristóbal Mendoza . From 1821 to 1830, Venezuela was a member state of Gran Colombia , and the Venezuelan executive was absorbed by the Colombian government in Bogotá . When
8253-401: The approval of each of the six independent realms of which he was monarch. In monarchies with a written constitution, the position of monarch is created under the constitution and could be abolished through a democratic procedure of constitutional amendment. In many cases there are significant procedural hurdles imposed on such a procedure (as in the Constitution of Spain ). In republics with
8384-552: 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
8515-564: The constitution (or customary law) assumes all political responsibility by granting the crown inviolability (in fact also imposing political emasculation) as in the Kingdom of Belgium from its very beginning; in a monarchy this may even be extended to some degree to other members of the dynasty, especially the heir to the throne. Below follows a list of examples from different countries of general provisions in law, which either designate an office as head of state or define its general purpose. In
8646-415: The country (which has changed four times since the restoration of the independence in 1830). Head of state A head of state (or chief of state ) is the public persona of a state or sovereign state . The specific naming of the head of state depends on the country's form of government and separation of powers ; the head of state may be a ceremonial figurehead or concurrently
8777-502: 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
8908-427: The current Constitution of France (1958), said that the head of state should embody l'esprit de la nation ("the spirit of the nation"). Some academic writers discuss states and governments in terms of "models". An independent nation state normally has a head of state, and determines the extent of its head's executive powers of government or formal representational functions. In terms of protocol :
9039-424: 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
9170-476: 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 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
9301-516: The decision by King Leopold III of the Belgians to surrender on behalf of his state to the invading German army in 1940, against the will of his government. Judging that his responsibility to the nation by virtue of his coronation oath required him to act, he believed that his government's decision to fight rather than surrender was mistaken and would damage Belgium. (Leopold's decision proved highly controversial. After World War II , Belgium voted in
9432-518: 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
9563-401: 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
9694-498: 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 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,
9825-465: The executive branch, represents the country abroad, and appoints the cabinet and, with the approval of the National Assembly , the judges for the Supreme Tribunal of Justice . The president is also the commander-in-chief of the National Bolivarian Armed Forces (FANB). The powers and obligations of the president of Venezuela are established, limited and numbered by articles 236 and 237 of
9956-449: The executive: they do not possess even theoretical executive powers or any role, even formal, within the government. Hence their states' governments are not referred to by the traditional parliamentary model head of state styles of His/Her Majesty's Government or His/Her Excellency's Government . Within this general category, variants in terms of powers and functions may exist. The Constitution of Japan ( 日本国憲法 , Nihonkoku-Kenpō )
10087-443: The extent of the president's powers and responsibilities. During the 19th century, Venezuela suffered political turmoil and autocracy, remaining dominated by regional military dictators until the mid-20th century. Since 1958, the country has had a series of democratic governments, as an exception where most of the region was ruled by military dictatorships, and the period was characterized by economic prosperity. Nicolás Maduro of
10218-543: The form of official patronage. The Olympic Charter (rule 55.3) of the International Olympic Committee states that the Olympic summer and winter games shall be opened by the head of state of the host nation, by uttering a single formulaic phrase as determined by the charter. As such invitations may be very numerous, such duties are often in part delegated to such persons as a spouse,
10349-403: 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,
10480-504: The government be answerable to both the president and the legislature. The constitution of the Fifth French Republic provides for a prime minister who is chosen by the president, but who nevertheless must be able to gain support in the National Assembly . Should a president be of one side of the political spectrum and the opposition be in control of the legislature, the president is usually obliged to select someone from
10611-525: 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
10742-470: 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
10873-481: 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,
11004-429: 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,
11135-403: 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
11266-412: The head of a sovereign , independent state is usually identified as the person who, according to that state's constitution, is the reigning monarch , in the case of a monarchy ; or the president, in the case of a republic . Among the state constitutions (fundamental laws) that establish different political systems, four major types of heads of state can be distinguished: In a federal constituent or
11397-505: The head of government's advice. In practice, these decisions are often a formality. The last time the prime minister of the United Kingdom was unilaterally selected by the monarch was in 1963, when Queen Elizabeth II appointed Alec Douglas-Home on the advice of outgoing Prime Minister Harold Macmillan . Venezuelan bol%C3%ADvar The bolívar [boˈliβaɾ] is the official currency of Venezuela . Named after
11528-538: The head of state is notional chief executive include Australia , Austria , Canada , Denmark , India , Italy , Norway , Spain and the United Kingdom . The few exceptions where the head of state is not even the nominal chief executive - and where supreme executive authority is according to the constitution explicitly vested in a cabinet - include the Czech Republic , Ireland , Israel , Japan and Sweden . The head of state usually appoints most or all
11659-559: The head of state. In parliamentary constitutional monarchies , the legitimacy of the unelected head of state typically derives from the tacit approval of the people via the elected representatives. Accordingly, at the time of the Glorious Revolution , the English parliament acted of its own authority to name a new king and queen (the joint monarchs Mary II and William III ); likewise, Edward VIII 's abdication required
11790-401: 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. Since 1983, the currency has experienced
11921-440: 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"
12052-406: The key officials in the government, including the head of government and other cabinet ministers, key judicial figures; and all major office holders in the civil service , foreign service and commissioned officers in the military . In many parliamentary systems, the head of government is appointed with the consent (in practice often decisive) of the legislature, and other figures are appointed on
12183-564: The king had the power of declaring war without previous consent of the parliament. For example, under the 1848 constitution of the Kingdom of Sardinia , and then the Kingdom of Italy , the Statuto Albertino —the parliamentary approval to the government appointed by the king—was customary, but not required by law. Examples of heads of state in parliamentary systems using greater powers than usual, either because of ambiguous constitutions or unprecedented national emergencies, include
12314-473: The leading symbol of the nation, the president in this system acts mostly as a prime minister since the incumbent must be a member of the legislature at the time of the election, answer question sessions in Parliament, avoid motions of no confidence, etc. Semi-presidential systems combine features of presidential and parliamentary systems, notably (in the president-parliamentary subtype) a requirement that
12445-402: The legislature to remove a president from office (for example, in the United States of America ). In this case the debate centers on confirming them into office, not removing them from office, and does not involve the power to reject or approve proposed cabinet members en bloc , so accountability does not operate in the same sense understood as a parliamentary system. Presidential systems are
12576-515: The majority of states, whether republics or monarchies, executive authority is vested, at least notionally, in the head of state. In presidential systems the head of state is the actual, de facto chief executive officer. Under parliamentary systems the executive authority is exercised by the head of state, but in practice is done so on the advice of the cabinet of ministers. This produces such terms as "Her Majesty's Government" and "His Excellency's Government." Examples of parliamentary systems in which
12707-504: 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,
12838-414: The more constitutional leeway tends to exist for a head of state to exercise greater powers over government, as many older parliamentary system constitutions in fact give heads of state powers and functions akin to presidential or semi-presidential systems, in some cases without containing reference to modern democratic principles of accountability to parliament or even to modern governmental offices. Usually,
12969-409: The nominal chief executive officer , heading the executive branch of the state, and possessing limited executive power. In reality, however, following a process of constitutional evolution, powers are usually only exercised by direction of a cabinet , presided over by a head of government who is answerable to the legislature. This accountability and legitimacy requires that someone be chosen who has
13100-713: The office of President of the Presidium of the Supreme People's Assembly , while the party leader's post as chairman of the National Defense Commission was simultaneously declared "the highest post of the state", not unlike Deng Xiaoping earlier in the People's Republic of China . In China , under the current country's constitution , the Chinese President is a largely ceremonial office with limited power. However, since 1993, as
13231-477: 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,
13362-457: The opposition to become prime minister, a process known as Cohabitation . President François Mitterrand , a Socialist, for example, was forced to cohabit with the neo-Gaullist (right wing) Jacques Chirac , who became his prime minister from 1986 to 1988. In the French system, in the event of cohabitation, the president is often allowed to set the policy agenda in security and foreign affairs and
13493-401: The position of president has no tangible powers by itself; however, since such a head of state, as a matter of custom, simultaneously holds the post of General Secretary of the Communist Party , they are the executive leader with their powers deriving from their status of being the party leader , rather than the office of president. Former French president Charles de Gaulle , while developing
13624-704: The presidential model also encompasses people who become head of state by other means, notably through military dictatorship or coup d'état , as often seen in Latin American , Middle Eastern and other presidential regimes. Some of the characteristics of a presidential system, such as a strong dominant political figure with an executive answerable to them, not the legislature can also be found among absolute monarchies , parliamentary monarchies and single party (e.g., Communist ) regimes, but in most cases of dictatorship, their stated constitutional models are applied in name only and not in political theory or practice. In certain states under Marxist–Leninist constitutions of
13755-548: The prime minister on matters of state. In contrast, the only contact the president of Ireland has with the Irish government is through a formal briefing session given by the taoiseach (head of government) to the president. However, the president has no access to documentation and all access to ministers goes through the Department of the Taoiseach . The president does, however, hold limited reserve powers , such as referring
13886-401: The prime minister runs the domestic and economic agenda. Other countries evolve into something akin to a semi-presidential system or indeed a full presidential system. Weimar Germany , for example, in its constitution provided for a popularly elected president with theoretically dominant executive powers that were intended to be exercised only in emergencies, and a cabinet appointed by him from
14017-429: The prime minister, and to pardon criminals or to commute their sentence. Some parliamentary republics (like South Africa , Botswana and Kiribati ) have fused the roles of the head of state with the head of government (like in a presidential system), while having the sole executive officer, often called a president, being dependent on the Parliament's confidence to rule (like in a parliamentary system). While also being
14148-656: The profound confusion of the Venezuelan War of Independence and the period of Gran Colombia over what is now Venezuela, this page has gaps between 1813 and 1819. For this period in time, historians refer to the Republic of Venezuela as the Second Republic of Venezuela (1813–1814) and the Third Republic of Venezuela (1817–1819) as Simon Bolivar twice reestablished the republic. The Congress of Angostura appointed Simón Bolívar "Supreme Commander of
14279-484: 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
14410-405: 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
14541-411: 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
14672-517: 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
14803-580: The strengthening of the Prince's powers, vis-a-vis the Landtag (legislature), has moved Liechtenstein into the semi-presidential category. Similarly the original powers given to the Greek President under the 1974 Hellenic Republic constitution moved Greece closer to the French semi-presidential model. Another complication exists with South Africa , in which the president is in fact elected by
14934-454: The swearing in at the inauguration of a president of a republic, or the coronation of a monarch. One of the most important roles of the modern head of state is being a living national symbol of the state; in hereditary monarchies this extends to the monarch being a symbol of the unbroken continuity of the state. For instance, the Canadian monarch is described by the government as being
15065-498: The symbolic connection to the government, a practice that dates back to medieval times. Sometimes this practice is taken to excess, and the head of state becomes the principal symbol of the nation, resulting in the emergence of a personality cult where the image of the head of state is the only visual representation of the country, surpassing other symbols such as the flag . Other common representations are on coins , postage and other stamps and banknotes , sometimes by no more than
15196-428: The timing of the transition. Maduro's controversial win and Guaidó's subsequent claim triggered the Venezuelan presidential crisis . The international community is divided on the issue of the Venezuelan presidency; AP News reported that "familiar geopolitical sides" had formed, with allies Russia, China, Iran, Syria, and Cuba supporting Maduro, and the US, Canada, and most of Western Europe supporting Guaidó. Moreover,
15327-436: The title of " president " - the name of the system refers to any head of state who actually governs and is not directly dependent on the legislature to remain in office. Some constitutions or fundamental laws provide for a head of state who is not only in theory but in practice chief executive, operating separately from, and independent from, the legislature. This system is known as a "presidential system" and sometimes called
15458-411: 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 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
15589-512: 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
15720-560: 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
15851-550: Was actually the president of a triumvirate of the first established Republic of Venezuela that rotated the presidency weekly. The person serving as president during the week of 5 July was one of the three signatories of the Declaration of Independence: Cristóbal Mendoza . Mendoza shared the triumvirate with Juan Escalona and Baltasar Padrón. A second triumvirate followed on 3 April 1812, whose members were Francisco Espejo, Fernando Toro and Francisco Javier Ustariz. Owing to
15982-410: Was dissolved in December 2022, when three of the four main political parties approved its dissolution to create a commission of five members to manage foreign assets, as the deputies sought a united strategy ahead of the presidential election of July 2024 . As a self described republic with a presidential executive, Venezuela grants significant powers to the president. The president effectively controls
16113-574: Was drawn up under the Allied occupation that followed World War II and was intended to replace the previous militaristic and quasi- absolute monarchy system with a form of liberal democracy parliamentary system . The constitution explicitly vests all executive power in the Cabinet , who is chaired by the prime minister (articles 65 and 66) and responsible to the Diet (articles 67 and 69). The emperor
16244-520: 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
16375-482: 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
16506-495: Was invalid and the body declared its president, Juan Guaidó , to be acting president of the country. However, support for Guaidó declined following a failed uprising attempt in April 2019 . Efforts led by Guaidó to create a transitional government were unsuccessful, with Maduro continuing to control Venezuela's state institutions. The European Union still does not recognize Maduro as the legitimate president, threatening his government with further sanctions . The interim government
16637-570: Was nominally a presidential republic. However, the elected civilian presidents were effectively figureheads with real political power being exercised by the chief of the Panamanian Defense Forces . Historically, at the time of the League of Nations (1920–1946) and the founding of the United Nations (1945), India's head of state was the monarch of the United Kingdom, ruling directly or indirectly as Emperor of India through
16768-509: 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
16899-443: 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
17030-461: 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,
17161-411: Was vacant for years. The late president was granted the posthumous title (akin to some ancient Far Eastern traditions to give posthumous names and titles to royalty) of " Eternal President " . All substantive power, as party leader, itself not formally created for four years, was inherited by his son Kim Jong Il . The post of president was formally replaced on 5 September 1998, for ceremonial purposes, by
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