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Redenomination of Venezuelan currency from Aug 20
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SME Times News Bureau | 17 Aug, 2018
The redenomination of Venezuela's national currency, the bolivar, will
be in force from August 20 onward, the Official Gazette of the
Venezuelan government has said.
It will eliminate five zeros from the current currency, the official statement said on Thursday, Efe news reported.
As
part of measures to fight the "economic war", Venezuelan President
Nicolas Maduro announced in March a process of currency redenomination
in which three zeroes would be slashed from bolivars.
Maduro, however, subsequently changed the measure and decided to eliminate five zeros from the bolivars instead.
The
new currency to be used from Monday will have "sovereign" as its first
name, a term that will be printed onto the new bills which will begin to
circulate next week.
The government gazette dated August 14 but
published on Thursday said that in a series of regulations the
redenomination process will be established.
A new adjustment of
"basic salaries and wages, as well as pensions and other benefits" which
must be in line with the new denomination called "Sovereign Bolivars",
will also take place, it added.
The gazette said that from August 20 all goods will be sold at new Sovereign Bolivars rate.
The
denominations would be more adjusted to the soaring hyperinflation that
analysts at the International Monetary Fund (IMF) estimate will hit one
million per cent by the end of 2018.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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