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Venezuela to eliminate three zeros from currency
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IANS | 23 Mar, 2018
Venezuelan President Nicolas Maduro has decided to eliminate three zeros
off the country's inflation-ridden currency, the bolivar, taking effect
from June 4, as an economic measure to "guarantee commercial
activities".
"I have decided to reduce three zeros of the
currency and take out of circulation the current bills and put into
circulation new bills," Maduro said on Thursday during a broadcast on
state channel VTV.
The President said that this new monetary
denomination, which replaces the one he established in January 2017,
will help the government fight the "economic war of financial
persecution", which he claimed was masterminded by Colombian President
Juan Manuel Santos with the help of Venezuelan opposition leader Julio
Borges, Efe news reported.
"That war is directed from Colombia,
personally directed by Santos, advised by Borges," he said, while also
accusing them of "stealing" the country's oil money.
However, 500
bolivars, the new maximum denomination of the country's bills, amount
to only $0.01, according to the official exchange rate of 43,980
bolivars per one dollar.
According to the President, this measure
represents "the defence of the bolivar" and that these new bills will
be known as "sovereign bolivar".
"There are those who propose to
dollarise the Republic, no, Venezuela will not be a colony of the
dollar, we will defend the Petro (the new Venezuelan cryptocurrency), we
will defend the monetary, economic and financial sovereignty of the
country," he said.
Venezuela's new set of monetary denomination
will consist of two coins, one of 0.50 cents of a bolivar ($0.00001) and
the other of one bolivar ($0.00002).
In addition there will be
bills of two bolivars ($0.00004), five bolivars ($0.0001), 10 bolivars
($0.0002), 20 bolivars ($0.0004), 50 bolivars ($0.001), 100 bolivars
($0.002), 200 bolivars ($0.004) and 500 bolivars ($0.01).
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
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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