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The economist José Guerra mentions that Venezuela is going through a "traumatic" monetary reconversion and explains that the government must replace 4,200 million pieces and that the banks have not yet received the new conical notes. Monetary
Venezuela Al Día
The deputy of the National Assembly, pointed out the possibility that the measure is postponed and that the government is currently debating to eliminate three or six zeros to the bolivar. This would have the advantage of being able to use the current monetary cone. "It will be a conversion without anti-inflationary program, so that the new currency cone will lose its validity in three months," he said.
In addition, inflation accompanies a sustained depreciation of the national currency, which in the black market has reached a record 3,500,000 bolivars per dollar, in addition to 39; a shortage of paper money, said DPA.
In addition, Guerra mentioned that the government had to negotiate the printing and transfer of new banknotes with several international houses, for an estimated cost of $ 300 million.
On the other hand, the reconversion of the monetary cone of 2008 was made amidst an inflation that was only about 30% in the year and the further monetary reconversion will be achieved with hyperinflation that could reach 1,000,000%.
Maduro announced in March that the new reconversion will be carried out one in a period of two months; under this measure, the banks expressed that they needed more time to adapt their systems, so it was postponed to the month of August.
MP and economist Guerra commented on how to change a currency cone "Make conversion must have full currency cone", also notes that banks need 15 to 20 days to adapt their systems to new bills, including ATMs.
