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Venezuela's President, Nicolás Maduro, announced on Wednesday a monetary reform that envisages the elimination of five zeros to the bolívar – and not three as it was envisaged at the beginning – Venezuelan currency , as part of his government's efforts to fight inflation and the shortage of banknotes.
Maduro says that the new monetary unit, or "sovereign bolivar", will be outstanding from August 20 as part of a "turnaround program" to deal with the serious economic crisis in Venezuela
In a speech broadcast on radio and television, the president said that the sovereign bolivar implied the elimination of the current monetary cone of one thousand, two thousand, five thousand, ten one thousand, twenty thousand, fifty thousand and one hundred thousand bolivars that Maduro himself put into circulation between 2016 and 2017 to partially lighten the exponential rise in prices.
From 20 August a coin of 50 cents and one of 1 bolivar will come into circulation, in addition to eight banknotes of different denominations: 2 5, 10, 20, 50, 100, 200 and 500 bolivars.
Maduro added that the new local currency system will be anchored to the Petro cryptocurrency, which the government released this year.
"I ask for support because Venezuela needs this big monetary change," said Maduro on a radio and television network
The measure seeks to stimulate economic activities that have affected by the serious shortage of notes. in a scenario of hyperinflation and increasing scarcity of commodities.
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