Rules that govern the monetary reconversion process are published in the Official Gazette

In Official Gazette No. 41,460 of Tuesday, August 14, 2018 resolution 18-07-02 was published containing 10 chapters that dictate the rules governing the monetary reconversion process.

Chapter 1 establishes that the Central Bank of Venezuela will deploy the actions that it deems conducive to guarantee the adequate execution of the reconversion process, in coordination with the organs and entities of the public sector that allow the achievement of the purposes of the measure.

Chapter 2 related to the restatement and rounding, establishes that in any fraction resulting from the restatement whose third decimal is equal to or greater than five (5), the second decimal will be raised by one unit, whereas when the third decimal of the restated quantity is less than five (5), the second decimal will remain the same; and said rounding shall be applied once only so that the individual price or value of the goods and services, as well as other restated monetary amounts, are carried to two (2) decimals.

Except as provided for in article 4, when the result of the division between one hundred thousand (100,000) results in a number whose whole part is equal to zero (0) and the decimal part is less than one (1) hundredth, the price unit shall be rounded to one (1) cent.

The restatement of the price of goods and services and monetary amounts of:

Fuels for automotive use.
Liquefied Petroleum Gas (LPG), which is sold in bulk.
The services of water, electricity, urban cleaning, domestic gas, telephony and internet.
The tickets for the Metro and Metrobus systems.
Postal deliveries throughout the country.
Tax Unit value
The balances of active or passive operations in the national financial system; as well as commercial credit balances.
The shares, even if they are not listed on the stock market, as well as participation quotas and other negotiable instruments; and Rates, tariffs and other public prices.

It will be made by dividing said price or unit value by one hundred thousand (100,000), and the decimals thrown by the operation must be reflected in at least two decimals.

In the case of exchange rates, the number of decimals will be that corresponding to each currency according to the determination made by the Central Bank of Venezuela on its website.

Wages and salaries

With regard to basic salaries and salaries, pensions, pensions and other benefits in favor of the workers as of August 19, 2018, they should be adjusted as of August 20, 2018, to the restated bolivar. In the event that such concepts, for the division between one hundred thousand (100,000), result in a third decimal other than zero (0), the adjustment will be made, once only, raising the second decimal by one (1) unit .

In the case of those products whose quantity can be fractional, the rounding will be applied to the result of multiplying the quantity of the product by its unit price.

With respect to the co-circulation of monetary species, Chapter 3, the notes and coins representative of the current monetary unit whose denomination is equal to or greater than one thousand bolivars (Bs 1,000) may circulate after August 20, 2018, retaining its power until they are demonetized by the Central Bank of Venezuela.

As of August 20, the notes and coins of the current monetary cone with denominations of less than one thousand bolivars (Bs 1,000) may be deposited in the banking institutions of the financial system, until the date determined by the BCV Board of Directors; however, they will not be required to be received in order to pay for goods and services.