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Venezuela in monetary reconversion countdown
CARACAS
Petroleumworld.com, Dec 31, 2007Venezuela's financial system is currently making final adjustments to introduce the strong bolivar as 2008 arrives, as part of a process of reconversion which will drop three zeroes to the running currency.
Banking sector authorities forecast interruptions in electronic transactions through credit cards and automatic cashiers between December 31 and January 1st.
Once these proceedings are adjusted to fit the new monetary cone (with six bills and seven coins), the service will be re-established in the first hours of January 1st.
Similarly, large businesses linked to power and water supplies and communication services will renew their cashing operations in subsequent days.
However, the point of greater complexity will be on January 2nd, when business as usual renews in shopping centers and the strong bolivar really circulates.
The coming into force of the new monetary cone maintains the official dollar exchange parity, currently at 2.5 strong bolivars per dollar.
Story from Prensa Latina
Petroleumworld 31 12 07
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