Venezuela, The Time of "Bolivar Strong"
The currency reconversion announced by the government puts Venezuela at the gates of the "strong Bolivar," an action backed by sustained economic growth.

The elimination of three zeros from the Venezuelan currency, a measure that will come into force in January 2008, is the first such experience in Venezuela s financial history..

According to the president of the Central Bank of Venezuela, Gaston Parra, the reconversion of the currency will lead to more efficiency in payment systems, as small figures will be handled and generate more confidence in the national currency.

After the currency reconversion, Venezuela will no longer be a "country of millionaires," as at the present exchange rate one dollar equals 2,150 bolivars salaries usually have seven digits.

In fact, the minimum salary of 238 dollars (512,350 bolivars) currently in force in the country is complemented by extra food and other benefits, so salaries exceed one million bolivars.

Ricardo Sanguino, Finance Committee chair of the Venezuelan congress, said that among the most expected results of the financial measure are its positive psychological effect and its contribution to increase savings and use national resources to develop the country.

In that regard, Venezuela and Argentina recently issued the Bond of the South, worth 1.5 billion dollars, which demand was nine times higher than supply.

The state-owned Petroleos de Venezuela SA will issue 3.5 billion dollars in bonds, mainly in the domestic market.

Authorities from the issuing bank said that the financial upgrade will be preceded by a nationwide media campaign to clear up the people s doubts, thus guaranteeing the transparency of the process.