[NYTr] Countdown to New Venezuelan Currency

[All the News That Doesn't Fit]

Prensa Latina, Havana
http://www.plenglish.com

Countdown to New Venezuela Currency

Caracas, Dec 19 (Prensa Latina) On the eve of 2008, the Venezuelan
financial system is entering a new phase of monetary reconversion,
aimed at eliminating three zeros from the current bolivar currency and
changing its denomination.

The policy of the Venezuelan Central Bank (BCV) predicts the activation
as of January of a new currency portfolio made up of six bills (two,
five, 10, 20, 50 and 100 strong bolivars) and seven coins (one, five,
10, 12 and a half, 25 and 50 cents).

New designs and the use of advanced elements of security characterize
the denominations that will be in circulation with the arrival of the
New Year together with current bolivar currency for a six-month
transition period.

The BCV asserted that if necessary, the country will evaluate the
option of extending that phase at least by two or three months.

Executives from the financial sector indicated the adjustment through
phases of automatic cashiers in the country, and not all of them will
issue the strong bolivar currency in a first moment and the transition
will be progressive.

The monetary reconversion is seen as an effective action to improve the
country's accounting operations in addition to reducing costs of
emission of money.

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