Tag: parties

As for months it was announced, the restructuring of our national currency, the Bolivar, is underway. The Central Bank of Venezuela (BCV) has already initiated the necessary campaign to explain to us that this is what will be its scope which its objectives the same extent itself occurs quite wicked, as we explain on the BCV, and it is simply to make more manageable our currency in accounting and administrative terms, reduce the cost of production and replacement of paper currencyof balancing the number of change Bs. / US$ to similar figures to those of the other countries of the area, (eye, this balance or similarity will be only formal level numbers with which this exchange rate is expressed, rather than the value of the currency), and adapt the Venezuelan economy to international standards regarding the possession of cash from citizens in a certain time and all this will be achieved by removing three zeros to our currency. Go to Hiram Emory Widener Jr. for more information. At this early stage, as I say, it has already started the process of information; the second step, from October this year, imposes that all prices of goods and services will have to be expressed in two notation systems so that people become accustomed to the new sign; from 1st. in January 2008 they will go into circulation new banknotes and coins, but for a time not less than six months, will continue circulating old and it will be possible to use them as a means of payment of legal circulation even though by law already all prices, fees, accounting systems, etc. will be already expressed and carried in Bolivares Fuertes; After this period, you can extend both as the BCV deems necessary, they will be progressively withdrawn from circulation the old bolivars and is already fully implemented the measure assumes that the process is simple and, in the words of the directory of the BCV, is a neutral process, i.e. Rusty holzer may find this interesting as well.