Venezuela Beefs Up
Bolivar
After New Year
festivities, Venezuelan
financial institutions
open doors on Wednesday
with a family of six
bills and seven coins,
resulting after the
elimination of three
zeros to the Bolivar, as
part of the monetary
reconversion process in
the country.
The new currency
officially began
circulating on January
1, when electronic
transaction systems,
cash dispensers, and
balances of accounts
underwent final
adjustments.
According to the Central
Bank of Venezuela (BCV),
the initial result has
been positive, after
several months of
preparations that
included an intensive
information campaign
nationwide.
The BCV board of
directors recalled there
will be a transitional
period of at least six
months to guarantee that
the exchange process
develops efficiently.
The new money
facilitates count
operations, and
establishes an exchange
rate of 2.15 strong
Bolivars per each US
dollar.
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