New Venezuela Currency
Gains Ground
The December festive
atmosphere is combined
Thursday with the
Venezuelan financing
stage and arrangements
for the monetary
reconversion, aimed at
eliminating three zeros
from the current bolivar
currency as of January.
Less than two weeks from
the beginning of 2008,
the Venezuelan Central
Bank (BCV) is concluding
preparations for the
success of a process
that will mark the
official start of the
strengthened bolivar
currency.
The initiative will
reveal a currency
portfolio made up of six
bills and seven coins,
which will be in
circulation parallel to
the current currency at
least for six months.
That policy will be
supported by the
introduction of two,
five, 10, 20, 50 and 100
strong bolivars.
They will portray
Venezuelan ethnicity
with images of patriots
and figures like
Francisco de Miranda,
Pedro Camejo, Simon
Rodriguez and Simon
Bolivar, and that of
Cacique Guaicauipuro
from the Teques and
Caracas tribes, and a
woman Luisa Caceres de
Arismendi.
The BCV stated that
among new elements is
the vertical direction
on its reverse side and
the application of an
extensive spectrum of
security measures, even
for blind people.
For the country's
financial authorities,
the inclusion of the
strong bolivar currency
in Venezuela represents
the end of a historic
cycle of price
instability in the
country.
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