The International Organization for Standardization (ISO) assigned the VES alphabetic code to the Sovereign Bolivar, which must be used from June 4, 2018, the date on which the monetary conversion takes effect.
In amendment number 166 of ISO 4217, dated April 18, 2018, the numerical code 928 is also assigned and the smallest unit of legal currency in Venezuela is established in 2.
The ISO 4217 international standard was created in order to define three-letter codes for all circulating currencies in the world. This eliminates the confusion that could be caused by some currency names such as dollar, franc, peso or pound, which are used in many countries but have very different exchange rates.
On June 4, the monetary reconversion that consists of the division among a thousand of the current monetary cone will take effect, so that 1,000 bolivars will become 1 Sovereign Bolívar (Bs.S – VES).
The new monetary cone will consist of 8 bills (Bs.S 2, Bs.S 5, Bs.S 10, Bs.S 20, Bs.S 50, Bs.S 100, Bs.S 200 and Bs.S 500) and two coins (50 cents and Bs.S 1) that will replace the current family of bills.
