Digital Bolivar will come into effect on October 1

In an official statement published by the Central Bank of Venezuela (BCV), the entire country was informed that as of October 1, the Digital Bolívar will come into effect, a new expression of the national currency that entails a monetary reconversion that will eliminate six zeros from the currency.

The BCV explained in the communiqué that this reconversion seeks to put the Digital Bolivar «on track»: «In order to facilitate its use is being taken to a simpler scale”, says the text.

In addition, it explains that the digital bolivar and the physical bolivar «will coexist» in a process «to rescue its strength.»

The financial entity indicated that the reference exchange rate «will continue to be the one to determine the national Exchange Market System”.