Venezuela Might Release New Currency after Three Months

01 Jun 2018  Fri

Venezuela will think about releasing new banknotes only after three months. The plan was to remove three zeroes from bolivar and release the notes from 4th June.

The national banking association ABV wants to postpone the plan so that they can make the required changes for a smooth transition. The head of this association suggested that the new and old notes can be circulated simultaneously for some time.

The Central Bank has officially stated that details about the rescheduled launch would be soon revealed. Differences between the socialist government and a conservative opposition have led to a major economic downfall in the form of shortages, hoarding and price gouging. The idea for introducing a new currency was proposed in late March.

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