Republic of Venezuela
República de Venezuela
CAPITAL : Caracas
FLAG : The national flag, adopted in 1930, is a tricolor of yellow, blue, and red horizontal stripes. An arc of seven white stars on the blue stripe represents the seven original states.
ANTHEM : Himno Nacional, beginning "Gloria al bravo pueblo" ("Glory to the brave people").
MONETARY UNIT : The bolívar ( B ) is a paper currency of 100 céntimos. There are coins of 5, 25, and 50 céntimos and 1, 2, and 5 bolívars, and notes of 5, 10, 20, 50, 100, 500, and 1,000 bolívars. B 1 = $0.000529 (or $1 = B 1,890; as of February 2003).
WEIGHTS AND MEASURES : The metric system is the legal standard.
HOLIDAYS : New Year's Day, 1 January; Declaration of Independence and Day of the Indian, 19 April; Labor Day, 1 May; Army Day and Anniversary of the Battle of Carabobo, 24 June; Independence Day, 5 July; Bolívar's Birthday, 24 July; Civil Servants Day, 4 September; Columbus Day, 12 October; Christmas, 25 December; New Year's Eve, 31 December. Movable holidays are Carnival (Monday and Tuesday before Ash Wednesday), Holy Thursday, Good Friday, and Holy Saturday. Numerous other bank holidays and local festivals are observed.
TIME : 8 AM = noon GMT.
The original inhabitants of Venezuela were Amerindians, predominantly Caribs and Arawaks. The majority (about 68%) of the present population is mestizo (mixed race). Approximately 21% are European, primarily Spanish, Italian, Portuguese, and German. Blacks account for an estimated 8–10%, and Amerindians for about 2%. Arab peoples are also represented in the overall populace.
The official language is Spanish. It is fairly standardized throughout the country among the educated population, but there are marked regional variations. Numerous indigenous dialects are also spoken.
All insurance companies operating in Venezuela are under the direction of the Ministry of Development. The insurance industry is an important source of investment capital. It is regulated by the Superintendent of Insurance. Third-party automobile liability and workers' compensation, which is covered under the Social Security scheme, are considered compulsory in Venezuela.
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