New monetary expression in Venezuela
From the 1st. October 2021, a new monetary cone will come into effect, which will imply the reduction of six (6) zeros to the currency.
In accordance with Decree No. 4,553, of August 6, 2021, by means of which the New Monetary Expression is decreed; Published in the Official Gazette of the Bolivarian Republic of Venezuela number 42,185, of August 6, 2021, the measure aims to facilitate transactions and simplify payments, in addition to making computer systems and accounting records more efficient.
The new family of the monetary cone will be made up of five (5) bills and one (1) coin.
What should you know?
- For the new expression, six (6) zeros will be eliminated from the monetary cone or the national currency will be divided by one (1) million.
- The measure seeks to facilitate transactions and simplify payments, in addition to making computer systems and accounting records more efficient.
- The new monetary cone has five (5) bills with the values Bs. 100, Bs. 50, Bs. 20, Bs. 10, Bs. 5 and one (1) coin of Bs. 1.
- The new family of banknotes and coins will gradually begin to circulate in the country and will coexist with the current cone.