Caracas. – It Central Bank of Venezuela (BCV) announced this Friday the inclusion of three new banknotes in the monetary cone, equal to 200 thousand, 500 thousand and one million bolivars, which will be the highest denomination, with a value of 52 cents, according to the official rate.
According to a brief report from the BCV, the new notes will “gradually” circulate from next Monday, assuring that “they come to supplement and optimize the current monetary cone to meet the demands of the national economy.”
Currently, the highest denomination is 50 thousand bolivars, about two cents per dollar at the exchange rate, so the use of Venezuelan paper money has almost completely disappeared in favor of cards.
however, the Venezuelan economy It is undergoing a de facto transactional dollarization and, for the most part, prices are quoted in the US currency when traders show this.
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The three new monetary types have the image of the on their obverse Simon Bolivar, a design almost identical to that of the banknotes no longer in use today.
Those of 200,000 and 500,000 bolivars have the image of the Liberator’s mausoleum integrated into the National Pantheon, while one of the million on the back shows the commemorative image of the bicentenary of the Battle of Carabobo, decisive in the War of Independence.
The last time the coin cone was expanded was in June 2019, when the 10 thousand, 20 thousand and 50 thousand bolivars notes were included, which was then equal 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 Nicolas Maduro ordered the removal of five zeros from the national currency, the bolívar, then called bolívar fuerte and began to bear the surname ‘sovereign’, as a measure by which it sought to cope with the hyperinflation in which the country has been living since November 2017.
The then president came in 2008 Hugo Chavez launched another currency conversion process in which three zeros were removed from the currency, which was renamed bolívar fuerte.
In other words, eight zeros have been amputated from the current currency, officially called the sovereign bolivar.
Three new banknotes will be included in the current Monetary Cone as part of the expansion of the current family of currencies.#BCV pic.twitter.com/HdUDbrrZ5F
– Central Bank of Venezuela (@BCV_ORG_VE) March 5, 2021
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