How has the Venezuelan bolivar's value changed since Maduro took office?

1. The fall: from chronic inflation to hyperinflation

Price growth that became visible under Chávez accelerated after Maduro’s 2013 accession; money supply and inflation surged (money supply rose 64% in 2014 alone) and the economy entered hyperinflationary territory, with official and independent estimates diverging but all pointing to catastrophic loss of purchasing power for the bolívar ^{[1] [5]}.

2. Multiple fixes, no restoration of value

The government repeatedly redenominated the currency to simplify accounting — most notably in 2021 when six zeroes were cut and the “bolívar digital” was introduced — but redenominations did not restore real value, and many residents shifted to using U.S. dollars in daily life ^{[2] [6]}.

3. Exchange‑rate evidence: hundreds of bolívares per dollar by 2025

Market and data services show the VES/USD rate in the hundreds by late‑2025: TradingEconomics reported USD/VES ≈245.36 on November 28, 2025, and Wise showed USD/VES ≈246.99 on November 29, 2025 — large depreciations relative to earlier years and reflecting the currency’s long decline under Maduro ^{[4] [3]}.

4. The social and economic fallout

Loss of bolívar value coincided with severe economic contraction, shortages and emigration. Commentators and analysts link the collapse to policy choices—currency and price controls, heavy money creation and oil revenue dependence—affecting real incomes and prompting dollarization of transactions ^{[7] [1] [8]}.

5. Competing narratives about causes

The Maduro government blames “economic war” and foreign interference for inflationary pressure, while independent economists and international analyses point to domestic policy errors (monetary expansion, controls) plus the oil price shock as primary drivers. Sources document both the government’s framing and the critical economic explanations ^{[8] [7] [1]}.

6. Quantifying the loss: purchasing power and exchange‑rate metrics

Analysts describe the magnitude in different ways: some focus on purchasing power (claims bolívar lost more than 99% of purchasing power in a few years) while exchange‑rate series show dramatic depreciation and periods of extreme month‑to‑month weakening (e.g., 10.79% monthly weakening or multi‑year declines cited by market trackers) — all consistent with a deep collapse in value since 2013 ^{[5] [4]}.

7. How Venezuelans adapted: dollarization and digital options

By 2019–2021 many transactions shifted toward U.S. dollars and digital payments; businesses often prefer dollars and residents rely on dollars or cryptocurrencies to preserve value. The 2021 redenomination made accounting easier but did not halt the broader trend of moving away from the bolívar ^{[1] [2] [9]}.

8. Data caveats and measurement challenges

Exchange rates in Venezuela split between official rates, black‑market/“parallel” rates, and aggregated market quotes; publication of parallel rates is illegal domestically, and sources vary (DolarToday and other trackers exist alongside official Central Bank figures). Reported numbers here come from public market services and reporting; differences across series reflect methodology and market segment ^{[6] [1] [4]}.

9. Short answer to the original question

Since Maduro assumed the presidency in 2013 the bolívar lost virtually all meaningful value: hyperinflation erased purchasing power, the state redenominated the currency (most recently in 2021), and by late‑2025 market rates showed roughly 245–247 bolívares to the U.S. dollar — a collapse measured in orders of magnitude from before 2013 ^{[1] [2] [4] [3]}.

Limitations: available sources document macro trends, redenominations and late‑2025 market rates but do not provide a continuous year‑by‑year single official series in this packet; for precise historical exchange‑rate time‑series one must consult the detailed datasets behind the cited services and independent trackers ^{[4] [6]}.