Reconversion

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As was announced several months, the a Reconversion sign of our national currency, the Bolivar, is underway. The Central Bank of Venezuela (BCV) has already initiated the necessary campaign to explain that it is, what are its scope and what their goals … The measure in itself it is quite unfair, as we explained in the BCV, it is simply to make our currency more manageable in terms of accounting and administrative systems, to lower production costs and replacement of paper money, balance the amount of change Bs / US $ to levels similar to those of other countries in the area (eye, this balance or similarity is only formal, in terms of numbers a The that the rate of change is expressed, not the value of the currency), and making the Venezuelan economy to international standards regarding the possession of money Cash citizens at any given time and all this will be achieved by removing three zeros from our currency. At this early stage, as I say, has begun the process of information, the second step, from October this year, requires that all prices of goods and services must be expressed in both notation systems for people become accustomed to the new sign, from 1st. January 2008 into circulation the new notes and coins but, for a period not less than six months old and continue to circulate may be used as payment of legal movement even though by law and all prices, tariffs, accounting systems , etc.

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