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Venezuelan President Nicolás Maduro announced Wednesday the entry into force of a monetary reform that removes five zeros from the bolivar, as part of his government's efforts to combat inflation and the shortage of banknotes.
million. Maduro said that the new monetary reform in Venezuela will be implemented on August 20 as part of a recovery program to address the severe economic crisis in Venezuela.
Through social networks Maduro reported on monetary reform
In a speech broadcast on radio and television, the Venezuelan president said that New Currency Unit involves the elimination of the current monetary cone of 1,000, 2,000, 5,000, 10,000, 20,000, 50,000 and 100,000 bolivars, which Ma himself difficult to put into circulation between 2016 and 2017 to partially offset the exponential rise in prices.
As of August 20, a 50-cent coin and a 1-bolivar coin will be put into circulation, in addition to eight banknotes of 2, 5, 10, 20, 50, 100, 200 and 500 bolivars, reported [19659008announcethattheeconomicandmonetaryconversionwillbegindefinitivelyonAugust20andthereductionoffivezerostotheVenezuelancurrencythroughbolívarsoberano"affirmedNicolásMaduroduringhisspeech
The measure aims at stimulating the economic activities who were affected by the serious shortage of banknotes in a scenario of hyperinflation and scarcity of commodities
#EnVivo ? | Palace of Miraflores | Work with the economic cabinet for the construction of A socialist Venezuela that guarantees the well-being and full development of our people.Thttps: //t.co/ZapkiTWupy
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