Sunday , August 14 2022

The BCV erases the expression sovereignty to the bolivars


Venezuelan Central Bank, in its 14 February reference, decided to delete the sovereign words to the bolivars, almost six months after the cash conversion came into force that put a new cone to circulation .

The effective measure from February 15 gives the obligation to maintain prices and amounts recovered in bolivars and sovereign bolivars. Now the national financial unit will be expressed only in bolivars.

The decision published in the Official Gazette 41,587 states that "it will end in the instruments for which goods and services prices are offered, as well as those that reflect financial amounts, Expression in bolivars is expressed in the current financial scale up to August 19, 2018 as in bolivars of the current rate of August 20 ".

As a result, prices and sums should be expressed in the current financial scale, mentioning only in bolivars or the Bs symbol.

Before the disproportionate increase of inflation (hyper), Nicolás Maduro's government decided in January 2018 to go to a repossession process, 10 years after the precursor Hugo Chávez started.

But the announcement, made by Maduro himself made at the end of March last year, at the end of March, when the initial idea was to take three zero of the money. The transformation would come into force in early June, and postponed for the first week of August, to finish the date up to August 20, when the new family began to circulate bills, but he eliminated five zero to & # 39; bolivar.

From May 1, 2018, traders had to re-express their prices in sovereign bolivars so that the public could become familiar with the change. That is, just over three months before the reorganization comes into force on August 20 and only six months after that, the BCV eliminates the term sovereigns to a legal tender currency .

During the 2008 transformation – the effect since January 1 and which eliminated three seros – the reset of 1 October 2007 occurred and remained until January 31, 2011. The decision was in line with the total demetization of & # 39; the previous cone of January 1, 2012.

(With information from Banking and Business)

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