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Venezuela could delay plans to introduce its new currency, banks having not received bills and four-digit inflation increasing the need for fresh money, has informed the Bloomberg agency who knows the case well.
President Nicolás Maduro's initial plan for redenomination was to remove three zeros from the "Fuerte Bolívar" banknotes currently in use, to be replaced by a new "Sovereign Bolívar". While the launch of the currency cone was initially scheduled to take effect on June 4, President Maduro announced May 29 the postponement of the measure's implementation for Aug. 4.
The banks argue that they will need more time to ensure a smooth transition from bolivar fuerte to bolivar soberano, according to four people familiar with the situation. However, a press officer from the Central Bank of Venezuela declined to comment at Bloomberg's request on this.
The government is also delaying the operation as it plans to eliminate more than three currency zeros with the goal is to maintain the pace of inflation in the country that is estimated at 60.770%, which means that prices rise daily around 3.4%, according to two other sources with direct knowledge of the discussions.
2017 the Venezuelan government began to demand more than 4 billion new vendor tickets, including Basingstoke, based in the UK, Boston Street and Mbadachusetts Crane Currency, according to documents from the institute. Venezuelan show and a person familiar with the purchases.
The Bloomberg office points out that the acute shortage of paper money throughout the country has added to the misery that Venezuelans are living, who depend on the money to pay the cost of public transport, as well as the cost of public transport. 39, purchase of subsidized gasoline and food, among other priority expenditures. In Caracas, citizens are desperate and pay up to 200% more for paper money in order to have money.
President Hugo Chávez badumed a similar plan of currency reconversion ten years ago, which consisted of zeros of the currency and introducing the strong bolivar as a substitute for the bolivar. Since Maduro, Chávez's hand-picked successor, took power in March 2013, Venezuelan currency has become virtually useless due to hyperinflation due to falling international oil prices and uncontrolled public spending. .
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