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Nicolás Maduro, President of the Republic, informed that the Sovereign Bolivar will definitely enter into force on August 20.
It was expected that the new notes would begin circulating on August 4th.
He also explained that he will have a new modality, with five zeros less, to anchor to the Petro cryptocurrency. In turn, the price of this will be determined by the oil basket.
Regarding this issue, Maduro explained that he would meet on Thursday with public and private banks to detail the mechanism of anchoring.
Illegal exchange rate
On the other hand, he informed that he would send to the National Constituent Assembly (NCA) a project on illicit exchange rates.
The objective will be to discuss the possibility of encouraging and authorizing investments in foreign currency in Venezuela.
BCV
Similarly, announced that it will deliver to the Central Bank of Venezuela (BCV), through Petroleos de Venezuela (Pdvsa), the Ayacucho II block of the Orinoco oil belt.
This reserve block, with 29 298 million barrels of oil, will serve as a reserve for BCV for the issuance of financial documents.
Recovery Plan
The president met his economic team in the Sol del Perú room at the Miraflores Palace, Caracas.
He explained that, on Wednesday afternoon, they were working to advance the "Plan for the economic revival of the motherland".
"The dependent oil-manager model has ended (…) In the end, Venezuela's problems are solved by activating powerful productive forces," he said.
I meet the economic team. In a few moments I will give important announcements to the country. pic.twitter.com/2w0tCpBuUb
– Nicolás Maduro (@NicolasMaduro) July 25, 2018
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