Venezuela starts October with a new monetary cone

From this October 1st, Venezuela implements a new monetary scale and a new cone, which also means the elimination of six zeroes from the local currency that will now become the Digital Bolívar.

According to the Central Bank of Venezuela (BCV), the change in monetary scale and the introduction of a digital currency is based on the “deepening and development of the digital economy in Venezuela.”

This week, the executive vice president of Venezuela, Delcy Rodríguez, explained that the monetary reconversion would not imply changes in the value of the bolivar. “We are not affecting the value of the bolivar at all. As of October 1st, the bolivar will continue to be worth exactly the same”, she explained last Monday.

Likewise, she indicated that Venezuelan public and private national banks already have 5 and 10 bolivar bills of the new  monetary cone, which will circulate as of next Monday, October 4, when the banks will open to the public to facilitate transactions related to the entry into force of the new banknotes.

It is not the first monetary reconversion that the Latin American country has experienced in recent years. In 2007 the country decided to eliminate three zeroes from the currency, and in 2018 it repeated the operation, although that time eight zeroes were eliminated from the bolivar.

K. Tovar

With information from Venezuelan media