Venezuela Gets Ready for
Currency Reconversion
Caracas, Sept 19 (Prensa
Latina) Venezuelan
financial authorities
are preparing the
country for the process
of currency reconversion,
which will come into
force on January 1,
2008, to eliminate three
zeros from the current
bolivar, official
sources said.
Representatives of the
Venezuelan Banking
Association pointed out
that strong bolivares
will be available in at
least 50 percent of ATM
machines in the country
on January 1.
The other ATM machines
will be ready gradually,
as the two currencies
will circulate in the
country for six months
and transactions will be
made in both currencies.
Authorities have
unleashed a campaign to
promote the monetary
reconversion, including
lectures at communities,
and public and private
companies, and on local
media.
In addition, the new
coins and bills are
being made and will be
presented to the people
in due time.
During the third stage,
the National Armed
Forces and specialized
financial agencies will
distribute the money
throughout the country.
The currency
reconversion is regarded
as a measure that will
make transactions easier
and will favor the
accounting process.
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