Venezuela new note family reported for introduction on 15.12.2016

According to a Spanish-language press release, the Central Bank of Venezuela intends to gradually introduce six new banknotes and three coins beginning with a 500-bolívar note on 15 December 2016.

The circulation of the new notes of Bs. 500, Bs. 1,000, Bs. 2,000, Bs. 5,000, Bs. 10,000 and Bs. 20,000 is a decision of the monetary authority, in coordination with the National Executive, to optimize the Current monetary cone. The BCV conducted technical studies, which also employ other central banks, to determine the optimal set of denominations required by the national economy. The coins that will also begin to circulate during the indicated period are those of Bs. 10, Bs. 50 and Bs. 100.

The expansion of the monetary system will make the payment system more efficient, facilitate trade and minimize the costs of production, replenishment and transfer of monetary species, which will result in benefits for banking, trade and the general population.

The six new banknotes complement the current family and will coexist with those that are in circulation. They will be distributed progressively by the BCV, at its headquarters in Caracas and Maracaibo, and through the banking system throughout the country.

Courtesy of Dario Silva.

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