On 20 August 2018, Venezuela began the process of demonetizing all preceding bolívar issues and replacing them at a rate of 100,000:1 (effectively removing five zeroes) with a new currency called the bolívar soberano (Spanish: sovereign bolivar, Bs.S.). The new notes come in eight denominations from 2 to 500 bolívars,
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
The Economist has an excellent article dated 12 July 2018 on the current state of the inflation-ravaged economy in Venezuela with some interesting insight into the banknote situation. Courtesy of Mark Irwin.
According to various sources, Venezuela has postponed the introduction of the new bolívar soberano banknote family until 4 August 2018.