Venezuela Prepares for
Strong Currency
The Venezuelan economy
continued moving forward
Monday putting finishing
details on actuation of
the strong bolivar, part
of a monetary
re-conversion process
for greater stability
and ease of financial
operations.
This last week in
December the Venezuelan
Central Bank is
preparing to eliminate
three zeros from the
current currency to
reduce costs.
Bank authorities assure
that the country is
ready for this procedure
that not only includes
progressive currency
substitution, but also
actuation of numerous
technical systems.
Most of the automatic
bank machines are ready
to dispense the strong
bolivar at the start of
the New Year, bank
balances will be
expressed without three
zeros and operations on
the Internet and sales
points will be likewise
affected.
Although the bank began
distributing the strong
Bolivar at the end of
October to guarantee its
availability in branches
and commercial centers,
a six month period of
transition is foreseen
during which both new
and old currency will be
operative. |
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