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Venezuelan Currency Revaluation Takes Effect Jan First
Via NY Transfer News Collective * All the News that Doesn't Fit
Agencia Cubana de Noticias (ACN)
http://ainch.ain.cu/mailman/listinfo/ingles
The Strong Bolivar:
Venezuelan Currency Revaluation Takes Effect Jan First
Havana, Dec 26 (acn) The Strong Bolivar, a new currency that will take
three zeros off the current Bolivar, will start circulating in
Venezuela in 2008.
According to the Central Bank of Venezuela (CBV), 200 million bills of
the Strong Bolivar have been distributed and will enter into
circulation on January 1.
The population will have six months to change over before the old
currency loses its value. The equivalent of US$ 1, currently 2,150
Bolivars, will now become 2.15 strong Bolivars, re****ted Granma
newspaper.
A week before the new currency goes into circulation, the CBV continues
dispensing the new money to regional distribution centers and from
there to the different banks, said CBV Director Armando Leon.
Leon said the next step will be allocating the new currency to
supermarkets. He noted that meanwhile, more bills are being printed and
coins minted.
Both the CBV and the Ministry of Finance state that the new currency
will "leave behind the consequences of a history of inflation and
strengthen confidence in the currency."
*
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