The Board of the Central Bank of Venezuela (BCV) informs the public that this Thursday the issuing body began the process of delivering the pieces that make up the new monetary cone to public and private banks in the country.
In the context of the entry into force of the monetary reconversion, scheduled for next August 20, the BCV established a roadmap for the progressive distribution of the new family of coins and bills of the Sovereign Bolivar to public and private banking, which was announced on July 26 by the president of the Institute, Calixto Ortega Sánchez.
The Sovereign Bolivar is the result of the division between one hundred thousand (100,000) of the current monetary cone. The conversion can also be understood as the elimination of five (5) zeros to the bolivar, so that one hundred thousand (100,000) bolivars today will become 1 sovereign bolivar.
On July 25, the President of the Bolivarian Republic of Venezuela, Nicolás Maduro Moros, announced the incorporation of new elements to the monetary reconversion process; among them, the fixing of a new date for the entry into circulation of the new monetary cone (August 20), the elimination of 5 zeros and its anchoring in the Petro cryptocurrency, whose value is associated with the Venezuelan oil basket.