Venezuela currency reform delayed until 20.08.2018

On 25 July 2018, Venezuela’s president, Nicolás Maduro, announced that the currency reform that was initially planned to begin in June, and that was later postponed until 4 August, was postponed once again, this time until 20 August. During the speech, the president also stated that the conversion rate was shifted from 1:1000 to 1:100.000, which means that one bolívar soberano will be equal to one hundred thousand bolívares fuertes. Also, actual notes were shown for the first time (until now, only computerized designs have been revealed). The new coins were shown for the first time, too. Among other things, he announced that the new currency will be pegged to the petro, a Venezuelan, state-owned cryptocurrency. He also suggested the possibility that a 5-bolívares coin could also be issued.

Banco Central de Venezuela has also posted information and images about the new notes.

Courtesy of José Daniel Fernández and Fritz Simons.

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