Venezuela in Monetary
Reconversion Countdown
Venezuela's financial
system is currently
making final adjustments
to introduce the strong
bolivar as 2008 arrives,
as part of a process of
reconversion which will
drop three zeroes to the
running currency.
Banking sector
authorities forecast
interruptions in
electronic
transactions through
credit cards and
automatic cashiers
between December 31 and
January 1st.
Once these proceedings
are adjusted to fit the
new monetary cone (with
six bills and seven
coins), the service will
be re-established in the
first hours of January
1st.
Similarly, large
businesses linked to
power and water supplies
and
communication services
will renew their cashing
operations in subsequent
days.
However, the point of
greater complexity will
be on January 2nd, when
business as usual renews
in shopping centers and
the strong bolivar
really circulates.
The coming into force of
the new monetary cone
maintains the official
dollar exchange parity,
currently at 2.5 strong
bolivars per dollar.
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