Venezuela ready for strong Bolivar
Caracas, Dec 31 (Prensa Latina) Several months of preparations have left Venezuela ready to receive, with arrival of the new year, the currency called strong Bolivar, part of a re-conversion process that entails elimination of three zeroes of the currency in use.VCB (Venezuelan Central Bank) authorities asserted that the country is ready to bring into circulation the six bill denominations and seven coins of the new sign.Gaston Parra, president of the issuing entity, said it is an expression of the commitment by institution and the national executive to strengthen the currency, and sustain growth and economic stability.
Re-conversion also represents benefits to all, because increases efficiency of the paying systems and countable registers, including management of smaller figures.
Together with this, the costs of currency issuing decrease, including grater presence of metallic pieces, which are more durable in relation to the material used in bills.
Finance Minister Rodrigo Cabezas asserted that all logistics and technological actions are already materialized for bringing the new currency into use.
Cabezas recalled that both denominations will circulate together in a transition period estimated at six months, although the VCB could extend that period if considers it convenient.
No doubt one of the first obvious effects will be changing the “millionaire” prices, because an item that costs two millions in the currency that is currently in use will cost 2,000 strong bolivars, without meaning losses in the people’s purchasing power.
hr iom mem
PL-5
