Caracas.- The Central Bank of Venezuela (BCV) announced this Friday the incorporation of three new banknotes into the monetary cone, equivalent to 200 thousand, 500 thousand and one million bolivars, Which will be the highest denomination, worth 52 cents, according to the official rate.
The new banknotes will start circulating “little by little” from Monday, which, according to a brief message from the BCV in which they assure that “they come to complement and optimize the current monetary cone, to meet the requirements of the national economy “.
Currently, the highest denomination note is 50,000 bolivars, about two cents at the exchange rate, so that the use of Venezuelan paper money has almost completely disappeared in favor of cards.
However, the Venezuelan economy it crosses a de facto transactional dollarization and, for the most part, prices appear denominated in the US currency, when trades show it.
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The three new monetary species will have on their obverse the image of the Simon Bolivar, An almost identical design to that of the tickets that are now obsolete.
Those of 200 thousand and 500 thousand bolivars have the image of the mausoleum of the Liberator, integrated in the National Pantheon, whereas the one of a million shows in its reverse the commemorative image of the Bicentennial of the Battle of Carabobo , decisive in the War of Independence.
The last time the monetary cone was expanded was in June 2019, when banknotes of 10,000, 20,000 and 50,000 bolivars were incorporated, which then amounted to 1.62; $ 3.25 and $ 8.14, respectively.
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In August 2018, in Venezuela a new monetary cone began to circulate, after the government of Nicolás Maduro ordered to eliminate 5:00 zeros in the national currency, the bolivar, which was then called the strong bolivar and came to bear the surname of “sovereign”, as a measure with which it sought to address the hyperinflation in which the country has lived since November of 2017.
In 2008, the then president Hugo Chávez to launch another process of monetary reconversion that removed three zeros to him to the currency, so that it happened to call strong bolivar.
That is, the current currency, officially called the sovereign bolivar, has been amputated eight zeros.
Three new banknotes will be incorporated into the current Monetary Con, as part of the expansion of the current family of monetary species.#BCV pic.twitter.com/HdUDbrrZ5F
– Central Bank of Venezuela (@BCV_ORG_VE) March 5, 2021
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