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The Central Bank of Venezuela, in its directory of February 14, decided to eliminate the word "sovereigns" to the bolivars, nearly six months after the entry into force of the currency conversion, which put a new cone in circulation.
The measure, which comes into effect on February 15, puts an end to the obligation to keep the prices and the amounts reprocessed in Bolivar and sovereign Bolivar. Now, the national currency unit will only be expressed in bolivars.
The resolution published in the Official Gazette No. 41,587 states that "it will cease in the instruments for which the prices of goods and services are offered, as well as in those that reflect monetary amounts, expression both in bolivars expressed in the current monetary scale until 19 August 2018 in bolivars of the current scale from August 20 ".
Therefore, prices and amounts must be expressed in the current monetary scale, mentioning only Bolivars or Bs.
Before the excessive rise in inflation (hyper), the Nicolás Maduro government decided in January 2018 to move to a conversion process, ten years after the start of its predecessor, Hugo Chávez.
But this announcement, made official by Maduro himself at the end of March of last year, was made at the end of March, when the original idea was to remove three zeros from the room. The conversion would take effect in early June, then be postponed until the first week of August and finally be postponed until August 20, when it began circulating the new family of notes, but eliminated five zeros of the bolivar.
As of May 1, 2018, merchants had to re-issue their prices in sovereign bolivars so that the public could become familiar with the change. That is to say, just over three months before the entry into force of the conversion, August 20, and six months later, the BCV removes the term sovereigns within the meaning of currency legal tender.
During the 2008 conversion – in effect since January 1 and eliminating three zeros – the restatement was made from October 1, 2007 and remained until January 31, 2011. The decision coincided with the total demonetization. from the previous cone on January 1, 2012.
(With information from banks and companies)
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