Next August 20 will come into force a new monetary system with the circulation of the Sovereign Bolivar, the activation of which, backed by the national cryptocurrency, the Petro, will not only stabilize the economy but also combat the mafias dedicated to contraband extraction.
From Miraflores Palace in Caracas, the President of the Republic, Nicolás Maduro, indicated that with the configuration of the financial method, the salary and pricing system will be linked to the value of the cryptocurrency, that is, they will be calculated from of the price of the oil basket, situation that will mean “a substantial improvement of the income of the Venezuelans”.
The monetary system, characterized by the reduction of five zeros to the currency, will bring about adjustments in the cost of fuels and other hydrocarbons, given that its new price will be established according to international value. The measure, fundamentally, seeks to eradicate the smuggling of gasoline to Colombia.
The measures, announced this Monday, are complementary actions foreseen in the Recovery, Growth and Economic Prosperity program. The most relevant announcements issued by the Head of State in this matter are presented below:
Monetary reconversion:
-The Bolívar Fuerte (Strong Bolivar, current monetary cone) and the Sovereign Bolívar (new monetary cone) will coexist for a prudential time so that the former contributes to the “retail” of daily transactions, that is, it will serve to guarantee the acquisition of products, goods and services.
-On August 20 will be a non-working day in order to start the process of adapting the new monetary cone. This day is also a banking holiday.
– The Central Bank of Venezuela (BCV) has sufficient reserves for the delivery of the monetary cone to the people. The public and private banks have the new monetary pieces in their possession.
– The wage and pricing system for goods and services will be anchored to the Petro.
– The Sovereign Bolivar and the Petro will be the accounting units of Venezuela.
– The BCV will publish daily the official figures of the operation and anchoring of the Sovereign Bolivar to the Petro.
Gasoline and hydrocarbons:
– The Petro will be the accounting unit of Petróleos de Venezuela (PDVSA), in this sense, its use will be mandatory in the transactions of the state.
– Gasoline and hydrocarbons will be fixed at international prices.
National Transportation Census:
– On Wednesday, August 15, Thursday 16 and Friday 17, will be held the last journey of the National Transportation Census at the Bolívar squares, located in the 335 municipalities of the country. In Caracas, Maracay (Aragua), Maracaibo (Zulia), Valencia (Carabobo), Barquisimeto (Lara) and La Guaira (Vargas) will operate additional registration points.
– People who do not participate in the registration must pay fuel at international prices.
– The fuel will be subsidized to owners of motor vehicles through the Carnet de la Patria (Homeland Card) and the Patria System.
In the coming days, the Executive will explain the new exchange, tax and tax system that will rule in the nation.
